John Oliver is known for being a staunch opponent of President Donald Trump and virtually all things conservative—infamous for his criticism of Republican tax policies, saying they only serve to benefit the rich. In addition to being a critic, however, Oliver is also a noted hypocrite, which honestly seems to be par for the course when it comes to wealthy liberals. He is now using a tax loophole himself.
For all his complaints about Donald Trump and other Republicans, Oliver just loves to benefit from the very things he purports to hate—like tax loopholes and trusts.
As sources explain, “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.” Naturally, he took advantage of the trusts and the tax loophole Trump engineered just a few short months before slamming “the rich” for doing the same exact thing.
The so-called Trump tax loophole is also known as a 421-a tax exemption, and was originally designed to help promote new developments in under-served or vacant areas. However, back in 1980, Trump wanted to use the exemption for his purchase of Bonwit Teller and the new development that was to follow: Trump Tower. But when Mayor Ed Koch denied him this exemption, Trump and his lawyer Roy Cohn took the city to court.
Trump eventually won the lawsuit and the rest is history. “Trump’s lawsuit established that all new development, even luxury projects, would be automatically eligible for the 421-a exemption,” sources say.
More, in 2014, the hypocritical John Oliver and his wife used the very same loophole to purchase an extravagant, $9.5 million penthouse. You see, after Mr. Oliver and his spouse set up their trusts, they used them to draft up a “shell company” named Hoagie’s Place LLC. In case you’re wondering, it’s named after Oliver’s dog. Hoagie’s Place was then used to purchase the penthouse—neither Oliver’s nor his wife’s name appears on the mortgage. Instead, the phony business is listed. And the primary address is a California-based building known for housing shell companies.
Clearly, John Oliver isn’t really as against loopholes as he pretends to be—provided he can use them.