Might Vice President Kamala Harris already be going back on her campaign ethics pledge? It’s been only a few months into Biden’s first term as president, and news has just broken that Kamala Harris used a loophole to hide assets in tax-protected funds, which are exactly the types of loopholes she and Joe Biden promised to close during their campaign. The news comes out of Harris’s latest financial disclosure form, which shows that she has assets invested in tax-advantaged trust, which allows her to keep certain things out of the public eye.
During the presidential campaign, Biden and Harris promised to close loopholes that would allow people to get ahead. They also vowed to increase transparency. America responded well to their ethics pledge, especially since former President Trump refused to share his tax returns and fought to keep his documents secret for as long as possible.
However, Harris’s Monday disclosure lists her as a trustee with the KDH/DCE family trust, in which she has been a trustee since 2017.
“Trust assets are not reportable,” the description of the entry states.
Although Biden and Harris vowed to end this type of practice during their campaign, the vice president still seems to be using it to her family’s advantage. Biden and Harris made it very clear that they did not want to keep this loophole open when they released the Biden Plan to Guarantee Government Works for the People. The purpose of the plan was to help restore Americans’ faith in the government after “‘the most corrupt administration in modern history.”
The ethics pledge looked to close loopholes and remove conflicts of interest that became headline news during the Trump administration. The current loophole that Kamala Harris might be exploiting allows candidates and public officials to transfer money and other assets into trusts that are controlled by family and friends. These candidates then do not have to claim those assets but can just list the name of the trust.
“This loophole has allowed many senior officials — including President Trump — to avoid disclosing significant financial interests,” said the Biden-Harris pledge. “Biden will work with Congress to close this loophole; and will meanwhile require that any member of his administration who is a beneficiary of a discretionary trust disclose all of its holdings.”
Although the office of the vice president has not replied to requests for comment regarding Harris’s family trust, these are usually used for estate planning purposes or to minimize tax liability.
Conservative strategist, John Feehery, said: “If the Democrats didn’t believe in hypocrisy, they wouldn’t believe in anything at all.”
On Monday, more details of Harris’s financial life were revealed when her returns were made public. Together with Second Gentleman Doug Emhoff, the married couple earned $1.9 million in 2020. In the year prior, when Harris was not campaigning for the White House, she and her husband earned $3.3 million.
Fox News initially reported on Harris’s family trust and found that the trust was used to purchase a condo in Washington D.C. The condo is now listed for sale with an asking price of nearly $2 million.
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