Quantcast
Connect with us

Trump cronies are getting rich off his ‘Opportunity Zone’ tax scam: report

Published

on

President Donald Trump’s “multibillion-dollar tax break” known as opportunity zones are benefiting multiple people in the real estate developers orbit.

“The tax benefit allows people to delay paying taxes on profits from stocks or other investments for years. To qualify, they have to direct their untaxed gains into federally certified regions known as opportunity zones. Profits on those investments are then tax-free,” The New York Times reported Saturday.

ADVERTISEMENT

“While some money is flowing to poor communities, the most visible impact so far has been to set off a feeding frenzy among the wealthiest Americans. They are poised to reap billions in untaxed profits on high-end apartment buildings and hotels in trendy neighborhoods, storage facilities that employ only a handful of workers or student housing in bustling college towns,” the newspaper noted.

Former White House press secretary Anthony Scaramucci is taking advantage of Opportunity Zones.

“The former White House communications director runs an investment company, SkyBridge Capital, that is using the opportunity-zone program to help build a new hotel, outfitted with an opulent restaurant and a rooftop pool, in the trendy Warehouse District of New Orleans,” The Times reported.

Senior White House advisor Jared Kushner is also profiting from the change in tax policy.

“Jared Kushner’s family company owns or is in the process of buying at least a dozen properties in New York, New Jersey and Florida that are in opportunity zones. That includes a pair in Miami, where Kushner Companies plans to build a 393-apartment luxury high rise with sweeping views of Biscayne Bay, according to a company presentation for potential investors,” the newspaper noted. “In addition, Cadre, an investment company co-founded by Mr. Kushner and his brother, Joshua, is raising hundreds of millions of dollars that it hopes to use on opportunity-zone projects.”

ADVERTISEMENT

Former Gov. Chris Christie is also taking advantage.

“Mr. Christie, the former governor of New Jersey and a one-time adviser to Mr. Trump, has raised money for opportunity-zone investments, including an apartment building in Hackensack, N.J., and a self-storage center in Connecticut,” The Times noted.

ADVERTISEMENT

Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Lindsey Graham swats down one of Trump’s favorite conspiracy theories during IG hearing

Published

on

Even though Sen. Lindsey Graham (R-SC) spent much of his opening statement defending President Donald Trump, he did briefly take some time to swat down one of the president's favorite conspiracy theories.

In his opening statement, Graham shot down the conspiracy theory that the Ukrainian government interfered in the 2016 presidential election by hacking the Democratic National Committee's emails and then hiding the DNC server somewhere in Ukraine.

"It was the Russians, ladies and gentleman, who stole the Democratic National Committee emails, Podesta's emails, and screwed around with Hillary Clinton," Graham said. "It wasn't the Ukrainians. it was the Russians. And they're coming after us again."

Continue Reading

Breaking Banner

Trump’s children must undergo mandatory training to learn how to avoid defrauding charities

Published

on

President Donald Trump's three eldest children have agreed to undergo a mandatory training seminar to ensure they don't fraudulently misuse charity funds in the future.

The New York Times reports that, as part of a settlement the New York State Attorney General's Office, three of Trump's children "were ordered to undergo mandatory training to ensure they do not engage in similar misconduct" at future charities.

The three children in question -- Donald Trump Jr., Eric Trump, and Ivanka Trump -- were all officers at the Trump Foundation, which was accused by prosecutors of fraudulently misappropriating funds for the president's personal expenses.

Continue Reading
 

Breaking Banner

Lindsey Graham busted for lying about Russian interference at IG hearing

Published

on

At Wednesday's Senate Judiciary hearing for the inspector general report into the FBI's investigation of the 2016 Trump campaign's ties to Russia, chairman Lindsey Graham (R-SC) ran his usual interference for President Donald Trump and his false conspiracy theories about a "deep state" plot to undermine his election. But he also introduced a new lie: that the FBI was "able to stop" the Russian attacks on the electoral process.

"I want the American people to know there was an effort to effect Hillary Clinton's campaign by foreign actors," said Graham. "The FBI picked up that effort, they briefed her about it, and they were able to stop it."

Continue Reading