A New Report Says Jared Kushner Likely Paid Almost No Federal Income Taxes for Years

And he’s worth more than $320 million, according to the New York Times.

Olivier Douliery/Zuma

Jared Kusher, White House senior advisor and President Donald Trump’s son-in-law, appears to have paid little to no federal income tax between 2009 and 2016. For a new investigation, reporters for the New York Times reviewed more than 40 pages of confidential financial documents and laid out their theory on how this happened.

Kushner Companies has spent decades buying real estate, allowing Kushner to grow his net worth to more than $300 million. The confidential financial documents reviewed by the Times indicate that Kushner used a depreciation tax benefit that allows real estate investors to deduct a part of the cost of their buildings on their taxable incomes. For example, in 2015 Kusher raked in a $1.7 million salary, but reported an $8.3 million loss based on the depreciation of the company’s real estate. But, according to the New York Times, those losses were only on paper:

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.

The report comes on the heels of another bombshell story about how the Trump family managed to protect its riches from taxes. The investigation found that President Trump and his family “engaged in outright tax fraud.” However, the strategy Kushner apparently employed is perfectly legal. 

A spokesman for Kushner’s lawyer told the Times he would not comment on assumptions made about the documents, and that Kushner “properly filed and paid all taxes due under the law and regulations.”

OUR NEW CORRUPTION PROJECT

The more we thought about how MoJo's journalism can have the most impact heading into the 2020 election, the more we realized that so many of today's stories come down to corruption: democracy and the rule of law being undermined by the wealthy and powerful for their own gain.

So we're launching a new Mother Jones Corruption Project to do deep, time-intensive reporting on systemic corruption. We aim to hire, build a team, and give them the time and space needed to understand how we got here and how we might get out. We'll publish what we find as a major series in the summer of 2020, including a special issue of our magazine, a dedicated online portal, and video and podcast series so it doesn't get lost in the daily deluge of breaking news.

It's unlike anything we've done before and we've got seed funding to get started, but we're asking readers to help crowdfund this new beat with an additional $500,000 so we can go even bigger. You can read why we're taking this approach and what we want to accomplish in "Corruption Isn't Just Another Scandal. It's the Rot Beneath All of Them," and if you like how it sounds, please help fund it with a tax-deductible donation today.

We Recommend

Latest

Sign up for our newsletters

Subscribe and we'll send Mother Jones straight to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate