By JESSE DRUCKER and EMILY FLITTER – The New York Times
Over the past decade, Jared Kushner’s family company has spent billions of dollars buying real estate. His personal stock investments have soared. His net worth has quintupled to almost $324 million.
And yet, for several years running, Mr. Kushner — President Trump’s son-in-law and a senior White House adviser — appears to have paid almost no federal income taxes, according to confidential financial documents reviewed by The New York Times.
His low tax bills are the result of a common tax-minimizing maneuver that, year after year, generated millions of dollars in losses for Mr. Kushner, according to the documents. But the losses were only on paper — Mr. Kushner and his company did not appear to actually lose any money. The losses were driven by depreciation, a tax benefit that lets real estate investors deduct a portion of the cost of their buildings from their taxable income every year.
As sickening as this is, it’s perfectly legal. Depreciation is not what Congress or any other politician has in mind when they talk about reforming the tax code. It may save hundreds for middle class or small businesses but it’s millions upon millions saved for people who need it least; the 1%.
"If conservatives become convinced that they cannot win democratically, they will not abandon conservatism. They will reject democracy." David Frum, Republican, January 18, 2018
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