George Soros, "Tax The Rich" Icon Of The Left, Owes $7 Billion In Taxes

Discussion in 'Politics' started by CoinOKC, May 1, 2015.

  1. CoinOKC

    CoinOKC Donald Trump For President In 2020

    You stupid, stinking liberal assholes are all the same. Hypocritical, lying, cheating, tax-dodging assholes... the lot of you. Now, the pillar of your moronic liberal community, George Soros owes $7 Billion in back taxes. This comes after years of dodging taxes and spewing his mantra of "TAX THE RICH". What a hypocritical jerk. Just like the rest of his liberal lemmings.

    George Soros reportedly could face up to $7B tax bill, after delaying payment for years


    May 01, 2015

    George Soros may soon face a monumental tax bill -- of nearly $7 billion -- after years of playing hard-to-get with the IRS.

    Despite Soros having advocated for higher taxes on the wealthy, the liberal billionaire reportedly has delayed paying his own for years thanks to a loophole in U.S. law.

    That loophole was closed by Congress in 2008. But before that, Bloomberg reports, Soros used it to defer taxes on client fees. Instead, he reinvested them in his own fund, and they grew tax-free.

    Bloomberg, citing Irish regulatory filings, reported that Soros has made $13.3 billion in this way. Factoring in the various tax rates that would apply, one tax expert estimated this would leave Soros with a roughly $6.7 billion bill.

    While Soros did not comment on the estimate, Bloomberg reported that Soros deferred his taxes for so many years by reinvesting client fees. While he technically was able to do this for U.S.-based funds, offshore funds were apparently preferred because otherwise clients would face negative tax implications.

    Congress closed that loophole in 2008, ordering fund managers to pay up by 2017.

    According to Bloomberg, Soros moved assets shortly before the change to Ireland, seen as a possible shelter from the law. But tax attorneys told Bloomberg they don't know of a way for money managers to avoid the bill in 2017.
  2. JoeNation

    JoeNation FOX Lies, GOP buys!

    Get back to us in 2017 when there might be an actual breakage of the law. You're an idiot.

    "Many hedge fund managers used the tax deferral strategy, and the Congressional Joint Committee on Taxation estimated in 2008 that the new rules would generate about $25 billion in revenue for the U.S. Treasury over the ensuing decade, including $8 billion in 2017. “No person has a constitutional obligation to pay any more taxes than he is required to pay,” says James Sitrick, a tax attorney who represented Soros for decades. If Soros “couldn’t legally do it, he wouldn’t do it,” says Sitrick, who worked on international tax policy for the U.S. Department of the Treasury."
  3. rlm's cents

    rlm's cents Well-Known Member

    I guess his shit smells better than Romney's, huh?
  4. CoinOKC

    CoinOKC Donald Trump For President In 2020

    Somehow I knew that you would defend an uber-rich, tax-dodging liberal. No surprises there.
  5. rlm's cents

    rlm's cents Well-Known Member

    Interesting how Soros owes $7B, but he has done nothing even objectionable. Romney got accused of not paying by Reid (proven and admittedly lies) and, therefore, Romney is a no good tax evader. Oh, and Romney does not even have the assets to make a drop in Soros's tax bill.
  6. CoinOKC

    CoinOKC Donald Trump For President In 2020

    Exactly. It's call "hypocrisy" and Moron Joe has it down to an art.

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