#1 George Soros reportedly could face up to $7B tax bill, after delaying payment for years by ThirstyMan 04.05.2015 20:38

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[File Under Extreme Billionaire Hypocrisy]

May 01, 2015 FOX News

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.

http://www.foxnews.com/politics/2015/05/...ng-payment-for/

Why is this so hypocritical??? see this.... TM

Billionaire George Soros: I Should Pay More In Taxes

President Obama’s most recent budget, released today, featured the “Buffett Rule,” named after and supported by billionaire investor Warren Buffett, which would require millionaires to pay a minimum 30 percent tax rate . Republicans have repeatedly denounced attempts to raise taxes on the wealthy as “class warfare,” neglecting to mention that their policies would actually raise taxes on the middle class.
In an interview with CNN’s Fareed Zakaria, the billionaire investor George Soros said that he thought he should be paying more in taxes and took aim at Republicans who are trying to stop the “Buffett Rule” from becoming law:

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.

http://thinkprogress.org/economy/2012/02...pay-more-taxes/

#2 RE: George Soros reportedly could face up to $7B tax bill, after delaying payment for years by ThirstyMan 04.05.2015 21:08

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And don't forget Warren Buffett. While he proclaims his desire for higher taxes on the rich, he is found shirking his own tax obligation.

How weird is this? Not very. Almost all liberal Democrats have this in common.

http://www.forbes.com/sites/realspin/201...ax-averse-past/

"Such seems to be case with Warren Buffett, who yet again took to the op/ed pages of the New York Times this week to call for higher taxes on citizens earning more than $500,000. The idea that higher income people should pay more in taxes, whether born of a desire for greater progressivity and/or a desire to raise more revenue, is certainly a legitimate viewpoint. However, any serious person espousing such an argument should be expected to address several basic questions: What will the standard of fairness be? How is it to be determined that any particular income group is paying its “fair share?” And if taxes are to increase, whether to address the deficit or for “fairness,” what degree of negative impact on economic growth and investment is one willing to tolerate? Regrettably, the recent presidential campaign featured much demagoguery but few answers. Buffett is no more illuminating."

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