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Kamala Harris ‘broke her own campaign ethics pledge by keeping assets hidden in a tax-protected trust’, her 2020 tax disclosure reveals

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Kamala Harris and Joe Biden said they would close loophole that allows trust beneficiaries not to disclose holdings
In meantime, administration officials were asked to publish all assets
The pledge accused President Trump of using the loophole to avoid disclosing his financial holdings
But Harris’s financial disclosure states: ‘Trust assets are not reportable’
2020 tax return shows Harris and her husband earned almost $1.9 million

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May 20, 2021

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Kamala Harris may be breaching her own finance ethics promise, according to her latest financial disclosure that shows she keeps assets hidden in a tax-advantaged trust.

Increasing transparency and closing loopholes were among the Biden-Harris ethics pledges during the campaign, as they sought to draw a contrast with President Trump and his murky finances.

But Harris’s disclosure on Monday reveals that she has been a trustee of the KDH/DCE family trust since 2017.

Yet that is a practise that Harris promised to end during the campaign.

The pledge was spelled out in the Biden Plan to Guarantee Government works for the People.

It promised to restore faith in American government by drawing a line under Trump and what it described as ‘the most corrupt administration in modern history.’

In particular it set about eliminating conflicts of interest and closing a loophole that allows candidates and public officials to transfer assets into trusts controlled by family members or friends, and then disclose just the existence of the trust.

‘This loophole has allowed many senior officials — including President Trump — to avoid disclosing significant financial interests,’ said the 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.’

Family trusts are often used for estate planning and to minimize tax liabilities.

The office of the vice president did not respond to a request for comment.

A senior Republican said it showed Democrats had one rule for the public, another for themselves.

daily mail

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2021-05-20T22:48:21-07:00
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