Vice President Kamala Harris keeps assets in a tax-advantaged family trust, a move that appears to violate an ethics pledge she and President Biden made on the campaign trail.
The Biden administration has emphasized increased transparency, contrasting its policies with accusations of financial concerns with Trump’s leadership.
The release of Kamala Harris’ tax returns on Monday showed she has been a trustee of a family trust since 2017. The assets of the trust are not reportable to the public.
A Contradiction in Terms
The Biden Plan for a Government That Works For the People shares conflicting information:
“But candidates and public officials often transfer assets into trusts controlled by family members or close friends, and then disclose just the existence of the trust rather than the assets it holds,” the statement reads (emphasis added).
“This loophole has allowed many senior officials — including President Trump — to avoid disclosing significant financial interests.
“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,” it added.
How Much Are We Talking About?
How much is the Harris family trust worth? The amount has not been revealed.
Daily Mail reported, “Washington, D.C. property records show that Harris and Second Gentleman Doug Emhoff used the KDH/DCE trust to purchase a luxury condo near D.C.’s Georgetown neighborhood in 2017.”
The report added, “The condo is currently listed for sale on Zillow with an asking price of nearly $2 million.
“The couple also transferred their Brentwood, California home into the trust when they married in 2014. Emhoff bought it for $2.7 million two years earlier.”
It is reasonable to conclude the Harris family trust includes at least the nearly $2 million necessary for the condo purchase, though this number may need adjusted due to the recent housing boom.