Senior White House advisors Ivanka Trump and Jared Kushner were caught by the Associated Press potentially personally profiting from tax breaks for developers.
An Associated Press investigation found, “the Opportunity Zone program promoted by Ivanka Trump and her husband Jared Kushner — both senior White House advisers — could also benefit them financially.”
“Trump and Kushner jointly own a big stake in a real estate investment firm, Cadre, that recently announced it is launching a series of Opportunity Zone funds that seek to build major projects under the program from Miami to Los Angeles,” the AP reported. “Separately, the couple owns interests in at least 13 properties held by Kushner’s family firm that could qualify for the tax breaks because they are in Opportunity Zones in New Jersey, New York and Maryland — all of which, a study found, were already coming back.”
Ivanka Trump was a leading advocate for establishing the program.
“Political sponsors and lobbyists told the AP that Ivanka Trump played an important role in promoting the legislation, while Kushner was also quietly supportive behind the scenes,” the AP reported.
The chief ethics counsel for the government watchdog Citizens for Responsibility and Ethics in Washington (CREW) noted the appearance of impropriety.
Ivanka’s advocacy “creates a direct conflict of interest with her spouse’s investment in Cadre,” said Virginia Canter. “Jared Kushner’s interests are Ivanka Trump’s interests and vice versa.”
“The couple’s financial disclosures show their jointly held financial empire is worth between $200 million and $800 million, with much of it in real estate, including a stake of between $25 million and $50 million in Cadre,” the AP noted.