Lutnick Wins Tax Break on Big Stakes Hit by Markets’ Swoon

Commerce Secretary Howard Lutnick is poised to secure what could be a large capital gains tax break. But to get it, he’ll have to lock in about $54 million in paper losses as the tariff policies he’s championed have hammered financial markets.

The value of two of Lutnick’s biggest publicly traded holdings — brokerage BGC Group Inc. and property firm Newmark Group Inc.— fell by $54.3 million since his Senate confirmation in February, according to Bloomberg analysis of filings from the Office of Government Ethics released Monday.

He has promised to sell those stakes by May 20 in order ...