Donald Trump’s son-in-law Jared Kushner has paid almost no federal income tax for years, despite quintupling his wealth to more than $320 million.
The news of Kushner’s escape from taxes follows the revelation earlier this month that Donald Trump accrued $413 million from his father, using tax avoidance measures that may have amounted to fraud.
Unlike the case of his father-in-law, Kushner appears to have escaped any legal liability through tax-minimizing maneuvers. The accounting practices, using depreciation, show millions of dollars in losses for Kushner and his company even though they never occurred.
In 2015, Kushner received $1.7 million in salary and investment gains, but the earnings were spared from tax because of $8.3 million in losses from “significant depreciation” on real estate.
The law on depreciation assumes that buildings’ values decline every year when they often rise significantly. The White House expanded the loophole in its tax cuts last December, allowing even larger deductions for real estate investors.
A spokesman for Kushner’s lawyer maintained that Kushner “paid all taxes due”. He insisted that the senior White House advisor “has avoided work that would pose any conflict of interest”.
The documents obtained by The New York Times were part of a review of Kushner’s finances by an institution that was considering a loan to him. They describe his business deals, earnings, expenses, and borrowing from 2009 to 2016.
Donald Trump has refused to release his tax returns, amid questions about the Trump Organization’s handling of taxes, Trump’s personal wealth, and conflicts of interest with the Presidency.