Kushner Sells Stake In Firm Using Tax Breaks He Lobbied For

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FILE - In this Friday, Oct. 25, 2019, file photo, White House senior adviser Jared Kushner boards Air Force One at Andrews Air Force Base, Md., for a trip to Columbia, S.C., with President Donald Trump. 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. (AP Photo/Evan Vucci, File)

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.

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.

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21 COMMENTS

  1. 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.

      • I disagree.

        I do not think that constitutes corruption. When you malign and squeeze someone like that against the wall, I think its fair game for him to use what’s at his disposal.

        The corruption is to attack the Kushner business and make it so toxic to the point that he can’t function. That’s the real story.

        • I think you’re misreading Klonimus’ comment. If Kushner were to take money out of the treasury (and rely, as commenter Trump2020 would have it, on the fact that the improvements to the economy will cover it), then that would be corruption. It’s not corruption when Kushner is acting within the law, as he is doing.

      • Do you ever actually read the comment you are responding to? Trump2020 said that he wouldn’t care if Kushner took money right out of the treasury. Klonimus responded that it would “literally advocating for corruption.” Now what does your comment have anything to do with those 2 comments. Klonimus may actually agree with your comment, but taking money out of the treasury would be criminal.

  2. 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.

  3. 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

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