George Soros Does Not Want To Pay Taxes, But He Wants You To Pay Yours!
[guest post by Dana]
ZAKARIA: What about taxes? Do you support President Obama’s proposal to increase taxes on the wealthy?
SOROS: Yes, I very much do so, because it’s the big boom, the super-bubble that resulted in a great increase in inequality. Not only do we have the after effect where we have slow growth one way or the other, but if you have better distribution of income, the average American will be better off.
Oh, really???? Funny Soros would make that claim considering how hard he works to avoid paying taxes:
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.
This is just so MSNBC of him!
–Dana
Hello.
Dana (86e864) — 5/1/2015 @ 7:04 amWell hello Dana. What’s really interesting is to speculate about is how many of these hedge fund managers will wait until 2017 to pay their adjusted tax bill. I read that article about Soros yesterday, and it sounds like he will not pay until the very last minute, which makes a lot of sense when you are talking about billions of dollars. Will the treasury have a huge windfall that year and will President Hillary! take credit for the deficit reduction that year?
Soros is no different from other far lefties (Noam Chomsky being a great example) who — despite their rhetoric to the contrary — do their utmost to lower their tax bills and pay the minimum that they can get away with.
JVW (8278a3) — 5/1/2015 @ 9:52 amThis post begs the question:
David Longfellow (a90125) — 5/1/2015 @ 9:52 amAre there any liberals who are NOT hypocrites?
I’ve seen no evidence to the contrary.
By the time we get to 2017, that won’t pay governmental bills for even half a day. I’m not sure we’d notice the dip in the deficit.
LibraryGryffon (1996ab) — 5/1/2015 @ 4:03 pmthey can get away with.
…and even not get away with.
It’s of course not that he will wait until the last minute to pay, JVW, it’s the hectoring of the little people about taxes and that they should be willing to pay more, they are obligated to pay more – it is a moral imperative!
LibraryGryffon,
It sure looks that way…
Dana (86e864) — 5/1/2015 @ 5:41 pmGreetings:
Back in the last ’70s, I was working my way through college (before borrowing your way through became the preferred option) by driving a taxi in New York City. Back in the barn, there was an on-going philosophical discussion about where and why a driver should ply his trade. Now this discussion focussed mostly on tips which could easily account for 15 or 20% of a driver’s take not to mention instant cash-on-hand. The folk-wisdom I subscribed to was to avoid the very wealthy 5th Avenue and Park Avenue neighborhoods for areas of lesser amounts of wealth accumulation. The underlying logic was people don’t get rich by giving their money away.
11B40 (6abb5c) — 5/2/2015 @ 9:29 am