Posted on 05/02/2015 4:18:04 PM PDT by george76
While Obama Inc. targets conservative groups, it isn’t going to annoy the guy who bought its boss his spot in the White House.
Soros’ wealth increased tremendously during Obama’s time in office. And much of it came from dodging taxes. You know, the taxes he insists that middle class peons and small business owners need to be socked with.
George Soros likes to say the rich should pay more taxes. A substantial part of his wealth, though, comes from delaying them. While building a record as one of the world’s greatest investors, the 84-year-old billionaire used a loophole that allowed him to defer taxes on fees paid by clients and reinvest them in his fund, where they continued to grow tax-free. At the end of 2013, Soros—through Soros Fund Management—had amassed $13.3 billion through the use of deferrals, according to Irish regulatory filings by Soros.
Congress closed the loophole in 2008 and ordered hedge fund managers who used it to pay the accumulated taxes by 2017. A New York-based money manager such as Soros would be subject to a federal rate of 39.6 percent, combined state and city levies totaling 12 percent, and an additional 3.8 percent tax on investment income to pay for Obamacare, according to Andrew Needham, a tax partner at Cravath, Swaine & Moore. Applying those rates to Soros’s deferred income would create a tax bill of $6.7 billion.
Obviously the IRS is not going to come pounding on Soros’ door. He’s not a conservative organization after all. And he uses his radical left-wing foundations not only to build political influence, but to avoid taxes.
(Excerpt) Read more at frontpagemag.com ...
So do the Clintons and Saint Buffet. That is what foundations are for. Leverage your tax money so you can wield political influence. Quite the scam.
Well, George Soros IS a convicted felon.
And the idol of the Democrat Party.
Why would anyone expect the elites to pay taxes? The year John Kerry ran it was revealed he paid like 6% something like that, out of his vast kept man fortune.
These people are not in there to do the job they’re supposed to do, they’re in there to steal from us and give it to their voters, and to enact laws enabling their supporters to do what they want to do.
GOP tries to get in on this, but they are very confused about it.
“the 84-year-old billionaire used a loophole “
Fantastic!!
No one is required to pay more taxes than the law requires.
I would think conservatives would be champions of low taxes and the moral imperative of paying as little in taxes as legally permissible.
The problem comes when foundations are invested in for-profit corporations and the income isn’t taxed the same.
foundations are not people
heh
The left has always screamed at us that legally avoiding taxes is criminal.
We should demand that foundations pay taxes at the same rate as corporations. Rather than having the IRS persecute the Middle Class, billionaires should have every tax loophole eliminated so that Buffet, Soros, the Kennedys and the Clintons can give their “fair share.”
The best government money can buy. Walker is smart to follow Lee’s lead in conservative populism. Use the basic foundational principles found in the Constitution and beat the Dems over and over and over again.
Rich liberals don’t mind high taxes because they just don’t pay them, and they get away with it. The laws don’t apply to them.
He helped write the law! Of coarse he will avoid taxes.
The majority of his money was made in avoiding taxes.
He took 20% of other peoples money and reinvested it and then did not pay taxes. Anyone could get rich doing that!
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