White House economic adviser Larry Kudlow said Sunday that the New York Times' reporting on President Trump and Jared Kushner's alleged tax fraud have "nothing to them."
"The most recent New York Times column about Jared Kushner, who, by the way, is a brilliant guy and has enormous integrity, that story said he didn't break any laws," Kudlow told ABC's George Stephanopoulos on Sunday when asked if Americans have a right to be concerned about how the president and his family potentially gamed the tax system.
"Americans respect success. I don't think these stories -- don't have anything to them. I thought the President Trump story was full of holes and hot air and whatnot. Playing by the rules is a good thing, not a bad thing. Both gentlemen have done so. In the Jared Kushner story, the Times said he's done nothing," Kudlow said.
The New York Times reported the president received the equivalent of at least $413 million from his father Fred Trump's real estate empire over the course of his lifetime, from childhood to today. A large portion of those funds reportedly came to Trump in exchange for his help in dodging taxes.
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The story details how Trump and his siblings created a fake corporation in order to disguise millions of dollars in gifts from their parents. The story also claims that Trump helped conjure a strategy to undervalue the real estate holdings of his parents by hundreds of millions of dollars. That effort helped drastically reduce the tax liability owed on those properties when they were transferred to the Trump children.
The Times also reported that Kushner paid no income taxes from 2009 to 2016, despite real estate holdings that ballooned his net worth to well over $300 million.