HYPOCRITE: Billionaire Progressive George Soros May Finally Participate in Shared Sacrifice and Pay His Outstanding $6.7 Billion Tax Bill
DON’T YOU LOVE IT WHEN PROGRESSIVE HYPOCRITES TELL YOU ABOUT YOUR SHARED SACRIFICE, BUT THEY DO JUST THE OPPOSITE …
Remember the cry from Warren Buffet in stop coddling of the super-rich? George Soros, the “Godfather of the Left” and the world’s 27th wealthiest person, has according to Breitbart, allegedly used tax deferral to prevent paying any taxes on $13.3 billion profit. However, according to an Irish regulatory filing by Soros, he will soon be enjoying the shared sacrifice of paying a 50 percent tax that will wipe-out a quarter of his net worth. This means that he will finally be paying his “fair share” and participate in what progressives say we must do, participate in “shared sacrifice”. Kind of makes you wonder why the IRS and their Hench-men harass the little people, but folks like Soros and his ilk walk scot-free.
Come on George, if its good for everyone else and you claim all must pay their fair share, how come you have tried to avoid paying yours?
No little people, I get to play by a different set of rules because they let me and I can
Congress closed a lucrative loophole in 2008 used by U.S. hedge fund managers to avoid paying income taxes for fees and profits. Congress gave these corporate elites until 2017 to pay accumulated taxes on all pre-2009 deferred income.
Warren Buffett in August 2011 called on the U.S. government to “stop coddling the super-rich.” Buffett pointed out he pays less of his income in taxes than his secretary does. He added that the rich should pay higher taxes for the sake of “shared sacrifice,” and suggested that most of his wealthy friends “wouldn’t mind being told to pay more.”
When the liberal website Salon launched the Patriotic Billionaire Challenge to ask the 400 richest Americans if they approved of “The Buffett Rule” to raise taxes, only Georges Soros and 6 of the other uber-wealthy responded positively.
But just before Congress had closed the “hedge fund loophole” in 2008, Soros transferred assets to Ireland—a country that was seen as a refuge from paying taxes under the new U.S. law. The recent Irish regulatory filings, according to Bloomberg show for the first time the “extent Soros’s almost $30 billion fortune—he ranks 23rd on the Bloomberg Billionaires Index—came from finding ways to delay taxes and reinvesting the money in his fund.”
As a New York-based money manager, 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 the law firm of Cravath, Swaine & Moore.
When has the government and the IRS allowed “We the People” to wait 10 years to may back taxes owed?
George Soros, a self-made billionaire investor who has made calls in the past for higher taxes on wealthy Americans, may soon be getting his wish. According to Bloomberg, years of deferred income could leave him owing $6.7 billion in taxes.
It appears that Soros has put to use a loophole that has allowed him to defer taxes on fees paid by his clients and reinvest them in his fund. Irish regulatory filings reveal that the investor, through his firm Soros Fund Management, has amassed $13.3 billion using this mechanism.
How? In 2008, George W. Bush signed U.S. legislation closing a loophole that allowed hedge fund managers to set up parallel offshore funds as a way to defer taxes. The Congressional Joint Committee on Taxation estimated in 2008 that the new rules would generate roughly $25 billion in revenue, including $8 billion in 2017 — the deadline for managers to pay accumulated taxes.
Just before all of this took place, Soros incorporated a new company in Ireland called Quantum Endowment Ireland. His Quantum Endowment transferred delayed fees and certain other assets to the new company.
Quantum Endowment Ireland is subject to a 25% corporate tax, in theory; however, its status as an Irish Section 110 company allows it to issue profit participation note and pay out earnings as distributions to note holders. In other words, it hasn’t had to pay much.