Kamala Harris seems to be violating an ethics pledge that both Harris and Biden made by holding funds in a tax-advantaged family trust, based on Fox News.
The assets held in the KDH/DCE family hope, which were held since 1027,”are not reportable.”
Biden and Harris once vowed to”eliminate the trust loophole in existing financial disclosure law.”
Biden stated he would”require that any member of his Administration who is a beneficiary of a discretionary trust disclose all of its holdings.”
“The trust held by the Vice President and the Second Gentleman is a common estate planning vehicle and is fully consistent with the ethics pledge put in place by the Biden-Harris Administration,” Sabrina Singh, deputy press secretary for Vice President Harris told Fox News following publication of the report. “This trust does not hold any business interests or securities.”
Family trusts or living trusts hold tax benefits for married couples and are “ideal for people that own real estate in more than one state and an excellent method of asset protection.”
Records have shown that Harris used the KDH/DCE hope to buy a luxury condo in 2017,
The condo is now featured on Zillow at $2 million.
The Harris’ trust also holds properties in San Francisco.
Emhoff, Harris’ husband, bought a multimillion-dollar Brentwood, California home for $2.7 million in 2012.
The property is now valued at a whopping $7.2 million.