Be careful what you wish for.
Liberal multi-billionaire and advocate for increased taxes on the rich George Soros may soon be facing an epic tax bill of nearly $7 billion dollars, according to Bloomberg.
While he has been pushing for more taxes on the rich, Soros has for years been playing a game of “Do as I say not as I do” by exploiting a tax loophole that may have finally caught up with him.
The loophole that allowed Soros to defer taxes on fees clients paid and reinvest them in his own fund to grow tax-free was closed by Congress in 2008 and Soros, as well as other hedge fund managers, has until 2017 to pay the bill.
According to Bloomberg’s calculations, Soros will face a federal tax of 39.6 percent, New York City and state taxes of 12.9 percent and 3.8 percent to pay for Obamacare, bringing him to a total of $6.7 billion on the $13.3 billion Soros Fund Management had accumulated using deferrals by the end of 2013.
The $6.7 billion dollar figure was calculated using publicly available information about Soros’ finances, but the actual tax bill could be higher or lower depending on variables specific to Soros.
What’s more, the cagey billionaire who wants you to “pay your fair share” allegedly moved funds to an offshore account in Ireland before the loophole closed — presumably to avoid the tax hit — but tax lawyers that spoke to Bloomberg News said they are unaware of anything that would help the hedge fund managers avoid paying the taxes.
You see, Soros? Wishes do come true.
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