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Obama’s choice for new IRS commissioner has a net worth in excess of $7 million

Well, he certainly knows about tax implications.

John Koskinen, President Obama’s choice for the vacant IRS commissioner position and former chairman of Freddie Mac, reported his net worth to be between $7.4 and $27.4 million. Federal nominees are allowed to report their net worth in broad ranges.

If confirmed by the Senate, Koskinen, 74, plans to sell stock holdings to avoid conflicts of interest and resign as a director of global power company AES Corp. and American Capital, Ltd., a private-equity firm and global asset manager. Koskinen stated in a filing that the value of his vested options in American Capital was “not readily ascertainable.”

His portfolio includes holdings of between $1 million and $5 million each in Vanguard Group Inc., a money-market fund, and his restricted stock in AES, as well as investments in Apple Inc., Chevron Corp. and Google Inc.

The IRS currently has an acting commissioner, Danny Werfel, controller of the Office of Management and Budget. In May, Werfel replaced then acting commission Steven Miller, who stepped down at Obama’s urging when it became apparent that the IRS gave extra scrutiny to the filings of Tea Party groups.

There hasn’t been a Senate-approved IRS commissioner since November 2012 when Douglas Shulman’s term expired.

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