Relative trump accused of systemic tax evasion

Mark Wilson via Getty Images

Mark Wilson via Getty Images

The Times reported the documents were prepared previous year for an institution contemplating loaning funds to Kushner.

His low tax bills are the result of a common tax-minimizing manoeuvre that, year after year, generated millions of dollars in losses for Mr. Kushner, according to the documents.

The Times found that Kushner and Kushner Companies used depreciation to their benefit in a series of strategic steps that several loopholes in the tax code allowed.

He added, "Always following the advice of numerous attorneys and accountants, Mr. Kushner properly filed and paid all taxes due under the law and regulations". In the eyes of the IRS, real estate depreciates over time, so there is a provision that allows property owners to deduct a part of the cost related to their assets each year. They found that he and his family's NY real-estate firm used a common tax deduction known as depreciation, which is created to protect property owners from an asset's gradual decline in value.

Thirteen tax accountants and lawyers reviewed the documents for the Times, according to the newspaper.

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In 2015, Kushner made $1.7 million in salary and investment gains. And according to the Times, the practice does not appear to be against the law.

His net worth has quintupled to nearly US$324-million. Kushner was a chief executive at the company and still remains an owner despite his senior role in the Trump administration. However, he reported a loss of $8.3 million caused by the "significant depreciation" of his company's real estate, thereby enabling him to subtract that amount from the taxes he would have owed. Over the period covered by the documents reviewed by the newspaper, Kushner's credit lines from banks rose to $46 million in 2016 from $0 in 2009.

Peter Mirijanian, a spokesman for Mr Kushner's lawyer Abbe Lowell, said the newspaper's assumptions were "taken from incomplete documents obtained in violation of the law and standard business confidentiality agreements".

The summaries of Mr. Kushner's tax returns reviewed by the Times don't explicitly state how much he paid.

Not just that, the article on Times also said that Trump, who often talks about how he is a self-made billionaire, received a large part of his fortune from his parents.

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