Documents Suggest Jared Kushner Paid No Income Tax From 2009 To 2016 On $324 Million In Income
On Saturday, it was revealed that Jared Kushner avoided millions of dollars in tax payments over a six-year period.
The New York Times reported that confidential documents show the 37-year-old adviser and son-in-law of President Donald Trump paid little to no income tax from 2009 to 2016.
According to the Times, Kushner’s net worth has nearly reached $324 million. His family has reaped millions of dollars from deals with foreign investors through their real estate business.
The documents reveal Kushner created millions of dollars in losses from his income that only appeared on paper, and was thus able to claim he did not owe any taxes. These losses were generated by depreciation, a type of tax benefit that allows real estate investors to take out a part of the cost of their buildings from their annual income. The financial documents alone don’t explicitly prove Kushner or his firm did anything illegal.
Depreciation-related laws assume real estate values decrease each year. However, history shows their value often tends to rise over time. The hefty tax cut bill that the Trump administration passed this year only helps people in the industry. However, it was reported last month that these tax cuts have led to a 32% increase in the federal deficit to $895 billion.
The revelations about Kushner are the latest in a series of stories about financial misdeeds committed by Trump or others in his family and inner circle. Another recent Times report showed Trump and his siblings — including his sister, Judge Maryanne Trump Barry — could face a $400 million tax bill from New York state after it was revealed they engaged in a decades-long tax evasion scheme after inheriting hundreds of millions of dollars from their father.
Kushner has reportedly filed taxes separately from his wife Ivanka Trump for many years, as is often the case with many wealthy couples.