George Soros Avoids Taxes and Makes Billions

While George Soros avoids taxes he publicly champions higher taxes for “the rich”—really for people with far less wealth than what he has.

The rich must pay their fair share.

Unless they identify as Democrat, I guess.

From Zero Hedge: “Billionaire Hypocrisy: George Soros May Owe $7 Billion in Taxes.”

There’s no question that “everyday Americans” […] would be better off if they got a larger piece of the pie, but as we’ve seen over the past several months, that’s not likely to happen as wage growth declines for the 80% of American workers classified by the BLS as “non-supervisory” even as the country’s supervisors see their pay increase, and as Fed policy continues to inflate the assets most likely to be concentrated in the hands of the wealthy. As this sad reality continues to play itself out destroying the American Middle Class in the process, we wondered if Soros was doing his best to ameliorate the situation by redistributing more of his vast wealth to the very same “average Americans” about which he expressed so much concern in 2012. The short answer: no.

Via Bloomberg:

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…

(See also Warren Buffett, various MSNBC hosts, Al Sharpton, Tim Geithner, countless Federal employees, etc., etc.)

If you’re a Democrat—a worshipper of the State who publicly proclaims that unlimited offerings to the Federal gods are obligatory—you get a pass, I guess, since you serve the tyrannical cause of Progressivism in other ways. Also, if you get to the White House, you’re entitled to harangue “rich” people, while spending more taxpayer money on your countless, lavish vacations than no one except the very most wealthy can afford.

Oh, and of course you get in bed with government at every turn, sucking taxpayer funds for your own businesses, and getting regulations passed to prevent competition–the best fascism money can buy!

Wow, Mr. Soros… $7-billion. You take hypocrisy to another galaxy. Are you doing your part for the cause by reportedly funding organizations stoking the violence in Baltimore and other cities around the nation? Ridiculous!

And the IRS will, undoubtedly, waste time and resources coming after little Conservatives and “Tea Party” folks who perhaps made honest mistakes on their returns, while letting folks like these skate. Nice.