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. That calculation is based on publicly available information such as the Irish regulatory filings, which provide only a partial glimpse into Soros’s finances. The actual tax bill would be affected by factors specific to the billionaire. Soros declined to comment, according to Michael Vachon, a spokesman, as did Anthony Burke, an IRS spokesman.
Just before Congress closed the loophole, Soros transferred assets to Ireland—a country seen by some at the time as a possible refuge from the law. The filings show for the first time the extent to which Soros’s almost $30 billion fortune—he ranks 23rd on the Bloomberg Billionaires Index—came from finding ways to delay taxes and reinvesting the money in his fund.
It may be illegal for Soros to transfer so much wealth to Ireland while owning deferred taxes... the IRS needs to be informed and asked why they have not acted to freeze his assets before they are all moved out of reach.
thats is easy he supports democrats if he supported conservatives he would have lost everything and been in prison
Terry, absolutely and repeatedly - if the IRS could do it over and over, they would against conservatives. But, hey, he's a DEMONcRAT and supports OWEbama - he's a "good guy" according to the IRS/libs/progressive/DEMONcRATS.
Why do you think he loves liberals so much ?
oblamea is sorros's sock puppet! Now do you think that soreass will ever pay his "fair share" of taxes?
"G" it up George. You are going to have the same problem when you meet the GRIM REAPER. Every dog has his day.
Well at 84 we can Hope and Pray his days on Earth are numbered, then he can answer to a Higher Power. GOD!!! He will then receive his rewards for all the good things he has done here on Earth. Hey Georgie Boy I hope you like it warm, I think your gonna be in that environment.
Soros is going to run. The question is where will he run to? However, the first and foremost question is why was the criminal ever allowed into the United States?
he should be look obama should be deported to kenya
Does anyone seriously think that the Obama administration and the rest of the left are going to kill their cash cow by forcing him to pay taxes? It will just cost him a tiny bit of that to pay off the IRS, and he may have to increase his "donations" a mite to get them off his back.
Besides, all he has to do is stall long enough and he will get an Obama pardon.