NEW YORK (AP) — President Donald Trump’s son-in-law and adviser Jared Kushner has sold his stake in a company investing in Opportunity Zone projects offering tax breaks he had personally lobbied for in Washington, sparking criticism that he was benefiting from his White House role.
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A filing at the Office of Government Ethics released Monday shows that Kushner received permission to defer capital gains on the sale of his stake in Cadre, a digital platform for smaller investors to buy stakes in commercial properties. Kushner’s holding in the private Cadre is worth between $25 million and $50 million, according to a financial disclosure report he filed with federal ethics officials last year.
Kushner pushed for the Opportunity Zone tax breaks to be included in Trump’s 2017 tax overhaul. The breaks offer investors big cuts in capital gains taxes if they put money into businesses and buildings in 8,700 poor, struggling neighborhoods across the country that otherwise might not attract the money.
Cadre has said it plans to invest heavily in those neighborhoods, though it is unclear just how much it has done so. Kushner also has stakes in more than a dozen properties in Opportunity Zones owned by his family firm, Kushner Cos. It is not clear if the company has taken advantage of the breaks.
Kushner stepped down as CEO of Kushner Cos. and gave up management positions at Cadre when he joined the White House three years ago.
An ethics lawyer for Kushner did not immediately respond to requests for comment. Cadre declined to comment.
Kushner co-founded Cadre with his brother, Joshua, and current CEO, Ryan Williams.
A Forbes magazine cover story last year said investors were shying away from the company given the links to Kushner and the Trump administration. It quoted CEO Williams saying, “I would be lying if I said the political angle wasn’t frustrating or concerning. There are people who won’t work with us, and we get that.”
Still, Kushner’s financial filings filed with federal ethics officials suggest the company isn’t doing so badly. The $25 million minimum value of Kushner’s stake at the end of last year is up sharply from three years ago when it was valued at at least $5 million.
Probably more fake news. And sleepy creepy uncle Joe’s son made millions for doing nothing off a Ukraine company. But the mob and media couldn’t care less.
He can take money right out of the US treasury for all I care- his Shver is making the US more than enough money to cover it.
He can join the growing Otisville Jewish community.
This is a terrible. This is the smoking gun we’ve been looking for. This clearly proves Trump was colluding with the Russians and was quid pro quo with the Ukrainians! Trump must be arrested and imprisoned until we’re able to impeach him. We must have an emergency elections to replace Trump.
Schiff GO HOme!
Ok this is classic fake news nit picking.
First we brag that trump is toxic so Kushner for sure lost money. Then we say he gained $25m . You can’t win with you fake news liars
We need to let them live and stop being obsessed over this piety nonsense. Let’s think for a second $25m of deductions after depreciation write offs are maybe worth $1m over a trillion dollar budget. Get a life
VIN, why are you publishing this? Does it help anybody?
Draining the trumpf sewer. Like the phony non-profit, multiple bankruptcies, no tax returns. Chris Christie was right.