Whe it comes to obnoxious anti-Trump TV hosts, John Oliver is almost as annoying as Stephen Colbert. Oliver hates Trump and never misses an opportunity to ridicule the President.
But John Oliver recently bought a really expensive new home in New York City and in doing so, he took advantage of a tax loophole created by Trump.
The Observer reports:
The John Oliver Property Tax Scam: HBO Comedian Secretly Buys Manhattan Mansion
Back in July 2014, in an episode in which he lamented the Wealth Gap in America” (which has resulted in the richest one percent of Americans controlling 20 percent of annual income), Oliver said, “At this point the rich are just running up the score…What sets America apart is that we are actively introducing policies that disproportionately benefit the wealthy,” such as tax cuts and loopholes like trusts.
So it’s a little surprising to discover that just months before, Oliver had a tax attorney set up two revocable trusts, one for him and one for his wife, to hide the couple’s purchase of a $9.5 million Manhattan penthouse. Then he used a tax loophole created by Donald Trump himself back in the 1970s, when the current president was merely a prominent New York real estate developer and aspiring celebrity author.
The loophole in question is the banally named “421-a” tax dodge, which was recently attacked in a Daily News op-ed written by two New York state Democrats, one a senator and the other an assemblyman. They said that the original 421-a tax exemption was “designed to encourage new development in locations that were vacant or underutilized,” but that Trump wanted to use it in 1980 when he bought Bonwit Teller in midtown Manhattan. The plan was to tear it down and build Trump Tower, which would mix office space and luxury condos.
Liberals: Everything is different when WE do it.