Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNot just Donald Trump. Kushner Paid No Federal Income Tax for Years, Documents Suggest
https://www.nytimes.com/2018/10/13/business/jared-kushner-taxes.htmlConfidential documents reviewed by The Times indicate that Jared Kushner, President Trumps son-in-law and adviser, probably paid little or no income tax from 2009 to 2016.
Over the past decade, Jared Kushners family company has spent billions of dollars buying real estate. His personal stock investments have soared. His net worth has quintupled to almost $324 million.
And yet, for several years running, Mr. Kushner President Trumps son-in-law and a senior White House adviser appears to have paid almost no federal income taxes, according to confidential financial documents reviewed by The New York Times.
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, according to the documents. 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.
In 2015, for example, Mr. Kushner took home $1.7 million in salary and investment gains. But those earnings were swamped by $8.3 million of losses, largely because of significant depreciation that Mr. Kushner and his company took on their real estate, according to the documents reviewed by The Times.
Nothing in the documents suggests Mr. Kushner or his company broke the law. A spokesman for Mr. Kushners lawyer said that Mr. Kushner paid all taxes due.
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.
In practice, though, the allowance often represents a lucrative giveaway to developers like Mr. Trump and Mr. Kushner.
Over the past decade, Jared Kushners family company has spent billions of dollars buying real estate. His personal stock investments have soared. His net worth has quintupled to almost $324 million.
And yet, for several years running, Mr. Kushner President Trumps son-in-law and a senior White House adviser appears to have paid almost no federal income taxes, according to confidential financial documents reviewed by The New York Times.
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, according to the documents. 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.
In 2015, for example, Mr. Kushner took home $1.7 million in salary and investment gains. But those earnings were swamped by $8.3 million of losses, largely because of significant depreciation that Mr. Kushner and his company took on their real estate, according to the documents reviewed by The Times.
Nothing in the documents suggests Mr. Kushner or his company broke the law. A spokesman for Mr. Kushners lawyer said that Mr. Kushner paid all taxes due.
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.
In practice, though, the allowance often represents a lucrative giveaway to developers like Mr. Trump and Mr. Kushner.
_ _ _ _ If you click on the image below, an article entitled "How Jared Kushner Avoided Paying Taxes" explains the ruse. _ _ _ _ _
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 479 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (3)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Not just Donald Trump. Kushner Paid No Federal Income Tax for Years, Documents Suggest (Original Post)
CousinIT
Oct 2018
OP
Greybnk48
(10,168 posts)1. So, how do the rest of us go tax free?
I'd have loved to keep all my money all these years. I would be much better off than I am now!
Dixc
(52 posts)2. they have no skin in the game
This administration uses our paid taxes against us.
gopiscrap
(23,761 posts)3. welcome to DU