President Donald Trump's son-in-law and senior adviser Jared Kushner paid little to no federal income tax for at least seven years, according to a report by The New York Times.
The story published Saturday says Kushner paid very little in income tax from 2009 to 2016 by using a tax-minimizing workaround.
Over 40 pages of Kushner's business documents revealed he regularly claimed millions of dollars in losses, even though his business didn't appear to actually lose any money. The Times says that's because his real-estate purchases experienced some amount of depreciation.
For instance, in 2015 Kushner earned $1.7 million in salary and investments, but he and his company reported $8.3 million in losses due to depreciation. When a company reports losses higher than its gains, it can potentially pay no taxes or even get a refund on taxes it's already paid. And according to the Times, the practice does not appear to be against the law.
Thirteen tax accountants and lawyers reviewed Kushner's documents on behalf of the New York Times.
