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.