HBO’s Last Week Tonight host John Oliver has been exposed as a liberal hypocrite and no one is surprised.
For someone who makes a career out of lecturing everyone else about the horrors of the wage gap and the evil of tax loopholes for the rich, Oliver likes to partake in the very thing he says is bad for America.
In an article for Observer.com, “radical-left journalist Ken Silverstein,” as Newsbusters describes him, discovered that Oliver “had a tax attorney set up two revocable trusts, one for him and one for his wife Kate, to hide the couple’s purchase of a snazzy $9.5 million 39th floor Manhattan penthouse with ‘panoramic views of the city skyline.’”
The relevant portions from Silverstein’s article:
[Oliver] 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… “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…
In Oliver’s case, Waxenberg [the family attorney] set up two revocable trusts — JO, named for John Oliver, and KNO, named for his wife Kate Norley Oliver — with Waxenberg as the trustee and his law firm serving as the trusts’ registered address. The trusts were then used to create a shell company called Hoagie’s Place LLC, named for Oliver’s beloved dog. Incidentally, Kate Norley Oliver’s New York voter registration shows she is a Democrat and lives in the penthouse in question.
“In other words,” Silverstein continues, “Waxenberg is exactly the type of fancy pants attorney who helps his 1 percent clientele get the tax breaks and use the loopholes that Oliver gets such mileage deriding on TV.”
But there were other tax breaks Oliver took full advantage of as a New York citizen:
[E]ven though Oliver paid $9.5 million for his penthouse, the city assessed its market value for tax purposes at just $1.3 million. However, only $515,000 of that amount was billable for property taxes. At a rate of 12.8 percent, Oliver normally would have paid $66,390.
However, property tax records show that, thanks to Trump and Roy Cohn, Oliver gets the very generous 421-a tax break on the penthouse. Hence, his property’s billable value after the exemption plunged by over $300,000, and he owed just $27,343 for 2016. That comes out to a property tax rate of roughly 0.25 percent, which would make Ronald Reagan and Ayn Rand dance in their graves from happiness.
Just a few short months after Oliver enjoyed such huge tax loopholes for the rich, he went into one of his famous lectures on his show how America is set apart from other countries in that “we've actively introduced policies disproportionately benefitting the wealthy. Like cutting income tax and capital gains tax rates for the richest in half.”
Oliver continued: “You would think in a democracy, policies that benefit very few people at the expense of very many would not be able to succeed. But they have.”
Indeed.
Oliver never responded to Silverstein's request for comment.
