Jared Kushner is a multi-millionaire slumlord who evicts and harasses low-income tenants to line his own pockets.
He is also best buds with Mohammed Bin Salman, a 30-something despot nicknamed “Little Saddam”. Salman is waging a war on Yemen that has killed thousands of children and malnourished millions. He is also reported to have personally ordered the killing of WaPo journalist Jamal Khashoggi.
If none of that moved you to despise Kushner, perhaps this will. The NY Times obtained documents that describe Kushner’s taxes (they were part of package in a loan application). The documents show that Kushner has used special tax loopholes created for real-estate investors to an extreme degree. He has paid no income taxes for years, while receiving many millions in taxes:
The documents, which The Times reviewed in their entirety, were created with Mr. Kushner’s cooperation as part of a review of his finances by an institution that was considering lending him money. Totaling more than 40 pages, they describe his business dealings, earnings, expenses and borrowing from 2009 to 2016. They contain information that was taken from Mr. Kushner’s federal tax filings, as well as other data provided by his advisers. The documents, mostly created last year, were shared with The Times by a person who has had financial dealings with Mr. Kushner and his family. […]
The summaries of Mr. Kushner’s tax returns reviewed by The Times don’t explicitly state how much he paid. Instead, the documents include disclosures by his accountants that estimate how much tax he owed for the year just ended — called “income taxes payable” — and how much he paid during the year in anticipation of taxes he would owe, called “prepaid taxes.” For most of the years covered, both were listed as zero. — www.nytimes.com/…
Of course, none of us are surprised by this. We already know Donald Trump is a tax cheat. Trump hasn’t paid income taxes for years either. Trump took a billion dollar tax loss, for money that he’d borrowed. When that was revealed in 2016, numerous accountants called it illegal.
There has to be a politician somewhere who can speak to this rigged system. How is it that a waitress making $12 an hour is taxed, while a guy like Kushner who makes millions a year pays no taxes?
Why don’t Democrats attack this problem head on?
The tax code affords real estate investors great leeway in how they calculate their depreciation — flexibility that often is used to inflate their annual deductions. Among the tactics used by many developers: Their tax advisers prepare studies arguing that much of a property’s value is attributable to things like appliances and parking lots, which under the law can be depreciated more quickly than the building.
Such strategies are almost never audited, tax professionals say. And the new tax law provides even more opportunities for property investors to take larger deductions. — www.nytimes.com/…
Why don’t more politicians talk about a rigged economic system which is designed to inflate the fortunes of the Trumps and Kushners of the world. Meanwhile, poor and middle-income Americans pay for services and their children go off to fight our wars, something else that the Trumps and Kushners of the world never pay for.