24 Nov According to Federal Documents, Kushner Hasn’t Paid Income Tax for Years
The Trump Administration is known for many family members being involved in what is going on in Washington on the day to day. One of Trump’s closest advisors is Jared Kushner, his son in law, who has often been scrutinized and criticized for similar business practices to Trump. Now, recently, it has been shown that he hasn’t been breaking the law – but they had been using a common loophole in order to pay little to no taxes for a number of years. And, all taxes that were due had been paid, according to a spokesperson for Kushner.
The fact is, from 2009 to 2016, Kushner paid almost no taxes even though he has over $300 million in worth. Real Estate vendors – which is most of the Trump family’s occupation – are able to make their investments with much less risk than other sorts of investments. Why? Depreciation. While there are a lot of different things that can come up when you’re trying to take care of real estate, it is always going to lessen in value due to wear and tear and other issues.
So, for real estate moguls who spend millions of dollars in order to get property, they can write off a lot of that property in order to get big tax breaks. It’s meant to help smaller investors – but, as you know, bigger investors like Kushner can use it to get lucrative tax breaks.
The documents that the New York Times got about Kushner apparently had millions of dollars in claims of “wear and tear” and “significant depreciation,” so it pretty much wiped out what Kushner would have had to pay. On top of that, the Republican tax overhaul from last year? It got rid of depreciation benefits in every industry except real estate. It will be interesting if these documents will help guide future legislation related to this sort of thing.