Liberal billionaire George Soros could soon be facing an enormous tax bill of nearly $7 billion dollars
In the past, Soros has made calls in the past for higher taxes on wealthy Americans and it appears he may soon have one of his own to pay off.
After years of deferring income, it's estimated he could be on the line for $6.7 billion in taxes. t appears that Soros has used a loophole that has allowed him to defer taxes on fees paid by his clients and reinvest them in his fund.
Despite the loophole being closed by Congress in 2008, he still managed to make money whilst withholding money from the government.
A number of funds were placed offshore - something that his clients would have endorsed to save themselves from financial implications.
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 which is the deadline for managers to pay accumulated taxes.
It's estimated that Soros managed to generate some $13.3 billion using this method.
Bloomberg suggests Soros managed to get around the change in the law by moving assets to Ireland. The billionaire's fortune was made from speculating on financial markets, most notably making more than $1 billion in the 1990s helping cripple the British financial system by speculation on the pound sterling.
He is currently ranked at number 17 on the Forbes 400 rich list, with an estimated worth of $24billion. 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.” There’s a solitary man at the financial center of the Ferguson protest movement. No, it’s not victim Michael Brown or Officer Darren Wilson. It’s not even the Rev. Al Sharpton, despite his ubiquitous campaign on TV and the streets.
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The biggest money in the Net Neutrality debate is from the liberal foundations that lavish millions on self-styled “grassroots” groups pushing for more and more regulation and federal control. he is responsible for establishing a foundation in Ukraine that ultimately contributed to the overthrow of the country’s elected leader and the installation of a junta handpicked by the State Department. “Well, I set up a foundation in Ukraine before Ukraine became independent of Russia. And the foundation has been functioning ever since and played an important part in events now,” Soros responded. The chances of Greece leaving the euro area are now 50-50 and the country could go “down the drain,” billionaire investor George Soros said.
Social media pages run by the George Soros-founded Open Society Foundations appeared to justify violence in Baltimore, in particular against police.
Yesterday, two of the foundation’s social media pages sent a Vox article out to their followers entitled, “This is the perfect response to anyone calling for nonviolence in Baltimore,” with an alternate headline reading, “The important thing everyone calling for nonviolence in Baltimore fails to say.”
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