Sunday, May 3, 2015

Soros Uses His Foundations to Dodge Taxes

FrontPage Magazine ^ | May 1, 2015 | Daniel Greenfield 

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 ...

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