In yet another example of the “do as we say, not as we do” attitude so prevalent among powerful Democrats, Fox News reports that Vice President Kamala Harris has been exposed for keeping valuable assets concealed in a family trust that receives tax-advantaged status, contrary to a promise she made with President Joe Biden during the 2020 campaign.
Financial disclosure documents for the vice president were released on Monday, and they reveal that Harris has been a named trustee of a family trust dating back to 2017, with assets contained therein classified as “not reportable,” and thus blocked from public view and scrutiny.
According to figures gleaned through public property records, however, the real estate assets included in the trust have an estimated value of $7.2 million and include residences in Washington, D.C. and California.
As Fox News notes, trusts of the sort maintained by Harris and her husband Douglas Emhoff yield significant tax benefits by facilitating maximum federal estate tax exemptions and are know to be an effective asset protection strategy.
Critics charge that the continued existence of the trust is incompatible with a major campaign promise made by Biden and Harris in which the pair vowed to engage with Congress and “eliminate the trust loophole in existing financial disclosure law.”
Biden himself went even further, having declared his intention to “require that any member of his Administration who is a beneficiary of a discretionary trust disclose all of its holdings,” as the Daily Mail reported.
In response to the revelation that Harris continued to conceal assets in contravention of the Biden-Harris campaign pledge to prohibit the practice by administration officials, conservative strategist John Feehery remarked, “If the Democrats didn’t believe in hypocrisy, they wouldn’t believe in anything at all,” the Daily Mail noted.
Tax return documents released earlier in the week by Harris included some other details of interest, including the fact that while she and her husband reported adjusted gross income in the amount of $1,695,225, they made charitable donations amounting to just 1.6% of their earnings, a degree of giving that Fox News added was below average for taxpayers of their income level.
Though the vice president’s office was asked to comment on the apparent discrepancy between words and deeds, no response was received, according to Fox News, leaving most Americans with little choice but to add this to the list of “rules for thee, but not for me” dichotomies for which the left is shamefully notorious.