Kushner Avoided Paying Income Tax For Years

Sergio Conner
October 17, 2018

Jared Kushner has a net worth of nearly $324 million but paid little or no income tax between the years 2009 and 2016, the New York Time reported.

The report claims that Kushner's real estate business paid "little or no" federal income tax over the last five years, using creative accounting techniques the paper called "common".

According to ThinkProgress, the tax bill Republicans passed past year made it even easier for companies like Kushner's and Trump's to benefit from theoretical depreciation by increasing the deductions real estate investors could claim on their taxes.

The law regarding depreciation assumes that real estate values decline annually, although often property values actually increase.

The documents were created with Kushner's cooperation as part of a review of his finances by an institution that was considering lending him money, the Times reported. Thus, the losses of the company existed "only on paper", said the newspaper.

Documents released by the White House in June showed Kushner held assets worth at least $181 million (£137.6m), the Associated Press reported.

For instance, in 2015 Kushner earned $1.7 million in salary and investments, but he and his company reported $8.3 million in losses due to depreciation.

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In theory, the depreciation provision is supposed to shield real estate developers from having their investments whittled away by wear and tear on their buildings.

Kushner Cos, the family company where Mr Kushner, 37, was previously chief executive, and the White House did not immediately comment.

A spokesman for Kushner's attorney told the Times that Kushner followed the advice of attorneys and accountants, and filed and paid all taxes required by law.

The Times spoke to 13 tax accountants and lawyers. The other experts agreed and said Mr. Kushner probably didn't pay much in the three other years, either.

The Times' findings on what it described as Kushner's "tax-minimizing maneuver" contrast with its extensive investigation into Trump's family's wealth.

The Times report said that nothing in the documents reviewed "suggests Mr Kushner or his company broke the law". But his taxable income has been negligible, the documents show. For most of the years covered, both were listed as zero.

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