Politics Taxes

George Soros Got Rich Deferring Taxes but He Wants You to Pay Them!

What is it with liberal hypocrisy? Are they immune from seeing it, or what? I mean, sure, conservatives regularly live lives contrary to their stated ideals, but they at least have the modicum of shame necessary to try to hide their duplicity. Liberals? It’s like they don’t even see it. Another case in point: George Soros is one of the most outspoken lobbyists for higher taxes for the rich. Yet Soros apparently amassed his prodigious fortune by deferring taxes. What?

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. . . .

And it’s not just that Soros deferred taxes to amass his fortune. That would be bad enough given his purported beliefs on taxing the rich. What’s worse is that he then attempted to dodge the 2008 closing of the deferral loophole by transferring his billions to Ireland. That’s just pathetic.

But it’s just par for the course with these people. Higher taxes for the rich (as long as you leave me alone)! More charity for the poor (as long as you take it from someone else)! More government spending (as long as it’s someone else’s money)! And the whole time, no one stops for a moment to think, “You know, maybe I should live the way I want others to live.”

 

from Last Resistance

The views expressed in this opinion article are solely those of their author and are not necessarily either shared or endorsed by EagleRising.com


About the author

Michael Minkoff

Michael Minkoff writes, edits, and typesets from his office in Powder Springs, Georgia. He honestly does not prefer writing about politics, but he sincerely hopes you enjoy reading about it. He also wonders why he is typing this in the third person.

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