Jared Kushner, who is a senior White House adviser as well as President Trump’s son-in-law, seems to have massively reduced his tax bills in the past few years by utilizing a legal tax break called depreciation, The New York Times says.
Kushner is worth over $300 million and he’s earned millions from his family’s many real-estate holdings but refuses to pay his fair share of taxes, the Times reported on Saturday after getting confidential financial documents.
The report found that he paid almost zero federal income taxes for the past several years.
Kushner offset his income by reporting depreciation of his real estate holdings, which is a widely used tax break designed to account for damage that properties incur over time.
Kushner earned a $1.7 million salary in 2015, then greedily offset that income with over $8.3 million in losses that were reported as “significant depreciation” in his real estate assets.
The irresponsible 2017 tax-reform package which the Republican-led Congress passed back in December lets businesses immediately write off much more under depreciation and it raised the maximum deduction from being $500,000 to being $1 million, the IRS says. This allows the ultra wealthy to hoard even more of their wealth and will increase the national deficit, proving that Republicans are lying when they claim to be the party of fiscal responsibility.
The new law lets property owners expense improvements to their nonresidential properties like roofing, heating and air conditioning, alarm systems, and fire protection systems.
The Times piece came after an in-depth investigation that the paper published earlier in October on how Trump abused a special tax-sheltering tactic called a grantor-retained annuity trust in order to inherit several million dollars worth of his wealthy father’s real estate without paying taxes and contributing to America’s well-being.
The strategy minimized Donald Trump’s tax liability on his inheritance of over $400 million in 2018 money, says the report. Rich Republicans are getting even more wealthy than they unnecessarily are at the expense of the Americans who pay their fair share of taxes.