A change in the tax code buried on page 203 passed in 2017 limited investor’s ability to use depreciation on real estate to minimize taxes nonprofits foremother investments. The coronavirus relief bill lifted the 2017 restriction allowing President Trump and his son-in-law to let them avoid an estimated $170 billion in federal taxes over the next ten years. The rule applies to this year and the two retroactive years, the second biggest tax giveaway in the $2 trillion legislation.
Also in the 2017 tax law Kushner lobbied to create “Opportunity Zone Projects” which offers tax breaks. Kushner then sold his stake in Cadre, a real estate startup. His original holding was worth $5 million and at sale was estimated at $15 million. The Trump Era is at heart one massive gift. Since he took office, Trump has pumped millions of tax -payer dollars into his properties on hundreds of presidential visits to his resorts. Where Secret Service agents pay as much as $650 a night for rooms. In March his campaign spent $380,00 for “facility rental/catering services at his hotels.
In all, his campaign and various Republican committees have spent more than $22 million at Trump properties since 2015. President Trump’s Doral resort doubled its rates ahead of his visit at the Republican National Committee which spent an estimated $500,000 on the event the rates went from $254 to $539 a day. Based on the total cost of President Trump’s golf outings to taxpayers, he is the country’s 10th highest paid athlete. Taxpayers have paid about $152 million for Trump’s golf trips. or roughly $50.6 million a year. When Tump gets out of office he can write a book “ The conning of America.”
Duane Vander Veen