Tax the Rich

“I say, old Bean, have you any Grey Poupon?”

Axios Sunday morning email thingie tells us…

Jared Kushner, with a net worth of almost $324 million, “appears to have paid almost no federal income taxes [for several years running], according to confidential financial documents,” the N.Y. Times’ Jesse Drucker and Emily Flitter report.

Jar-Jarvanka have earned millions of dollars while serving as senior advisers in the White House. They earned $82 million in outside income in 2017…

“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.”

Prepare yourselves for a shock, Gentle Readers!

“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.”

Fratsputin was able to declare the losses on his properties despite having purchased them with loans that he can also deduct. So Jared is getting tax-reducing losses for spending someone else’s money on properties he does not yet own. And  under the tax code, this is OK, and in fact in the Billions for Billionaires Bill the depreciation loophole was eliminated for everyone except real estate development, so good to know that Przninit Stupid and his Clown Prince can still deduct their gaudy sky palaces. Ma and Pa in Possum Hollar can no longer deduct these things on the chicken coop that they rent to son/cousin Clem.

“Nothing in the documents suggests Mr. Kushner or his company broke the law. A spokesman for Mr. Kushner’s lawyer said that Mr. Kushner ‘paid all taxes due.'”

Thanks for rubbing it in.

This entry was posted in Fratsputin Jared Kushner, Tax Cheat, tax reform, Taxes. Bookmark the permalink.

6 Responses to Tax the Rich

  1. Dennis Cole says:

    And he’s far too scrawny to have much nutritional value, so there goes that whole “eat the rich” thing…

    Liked by 2 people

  2. Jim says:

    If ever there was an argument for real tax reform (not cut taxes on the uber rich) this is it. Far too much use of shell companies and fakery like this depreciation that’s not depreciation since the actual value of the buildings, like capital gains, is normally assessed when the properties are sold. The real estate business in this country is hopelessly corrupt.

    Liked by 3 people

  3. w3ski4me says:

    They tax my social security, but not his property schemes?
    “What a world, what a world”
    w3ski

    Liked by 1 person

  4. Bruce388 says:

    In the immortal words of that great patriot Willard Romney, “I pay the taxes I owe….And not a penny more.”

    Like

  5. Batman 54 says:

    For sure these are not the entitlements they are talking about cutting…..

    Like

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