White House adviser and President Trump’s son-in-law Jared Kushner appears to have paid almost no income taxes even though his net worth quadrupled to almost $324 million, according to a new report in the New York Times.
The report cited confidential financial documents reviewed by the Times, which noted that Kushner didn’t appear to break any laws.
The financials for Kushner’s business dealings between 2009 and 2016 from 13 tax accounts and lawyers reportedly show that Kushner appeared to have paid little or no federal income during at least five of the past eight years.
Developers have a lot of flexibility to determine tax bills and shield themselves from paying taxes. The low tax bills were due to a maneuver that Kushner’s family real estate company used to show millions in losses.
The losses were from depreciation, which assumes a building’s value declines over time because of wear and tear, and real estate investors are allowed to deduct a portion of the cost of their buildings on their taxes.
For instance, Kushner earned $1.7 million in salary and investment gains in 2015, but he put down $8.3 million in losses in depreciation on real estate.
The report comes after a similar investigation published earlier this month that found President Trump participated in a series of dubious tax schemes in the 1990s that boosted the fortune he got from his parents.