George Soros May Face a Monster Tax Bill

Good Mornin Above Top Secretions!

Not for poor mr Soros though.
So, the tax man cometh for Georgy Boy.
to the tune of 7 or so Billion dollars.

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.

Im sure glad im not his accountant right about now

a reply to: dashen

*Loophole closed

On to the next one.

7 billion... yikes. Bet he's absolutely pissed right about now

Wow. Billions of dollars, yet when pops was 22 the IRS was on his nuts, making all kinds of threats over $1200, when we could barely afford rent and food. And we don't live in a caste system?

a reply to: dashen This could not happen to a nicer guy...

a reply to: dashen

With what Lamont allowed or was fooled into doing which allowed soros to take a huge sum of money from my country I hope the bast..d chokes to death with this news. I will dance on his grave and be merry. Can't actually believe what goes round comes round with hits like him.

I'm sure his well-paid accountants have all of the beans in all of the right places by now if the loophole was closed that long ago.
Apple has Hundreds of Billions in CASH just sitting around tax-free around the world, a slimy hedge fund manager has no doubt figured out how to screw the system long before the closure of loopholes and probably has more squirreled away than anyone knows.

originally posted by: teslahowitzer
a reply to: dashen This could not happen to a nicer guy...

and I'm sure you say the same thing about the Koch Bros., Sheldon Adelson, and the other republican billionaires backing right-wing conservatives
www.businessinsider.com...

good thing political bias doesn't show up in this OP

a reply to: dashen

Tell me,, what does the IRS do when average Joe does not cough-up? Oh that's right, repossess your house and/or destroy your life for as little as 0.001% of that amount...

Now, I'm no Nostradamus by any means, but I bet he simply pays a team of forked-tongue lying lawyers, Ohh, I dunno - say 20% of that 7 Billion to simply take this to court and keep it there........until the cows come home.

High profile and/or rich assholes and tax dodging seems to be pretty standard in the land of "capitalism" based lobbynomics.

Sharpton & Hitlerry

At his age he will just hire a fleet of lawyers and he will never have to pay in his remaining lifetime.

originally posted by: Sublimecraft
a reply to: dashen

Tell me,, what does the IRS do when average Joe does not cough-up? Oh that's right, repossess your house and/or destroy your life for as little as 0.001% of that amount...

Now, I'm no Nostradamus by any means, but I bet he simply pays a team of forked-tongue lying lawyers, Ohh, I dunno - say 20% of that 7 Billion to simply take this to court and keep it there........until the cows come home.

High profile rich assholes and tax dodging seems to be pretty standard in the land of "capitalism" based lobbynomics.

Sharpton & Hitlerry

really?....Al Sharpton?...how do you quote it,"high profile rich assholes".....here's his net worth....5 million dollars, that's it.
www.therichest.com...

a reply to: jimmyx

OK - I'll just call him high profile, worth 5 million dollars and does not pay taxes.

Apologies Jimmy

a reply to: jimmyx

Makes a great case for simple flat tax with NO loopholes.

This is just controlled dis-info and opposition.

They need to keep the heat off Soros so he can funnel billions into Democrat campaign PACs.

The MSM has everybody completely fooled.

a reply to: xuenchen

Whatever it is, its well time we all looked at the law makers to establish if there is any connection between them and the money men, simply because the law makers put laws into place that these men are able to take advantage of yet ordinary citizens cannot escape. This goes on on both sides of the pond and its time this was thoroughly investigated to see why its happening, what the connection is and who is responsible. Surely laws can be made that are fair to all, not loopholed for some.

Soros and men like him are proof of this corruption. Its time they and their littles allies that have got themselves into legal positions to help their ilk were brought to book and made to pay, because they are ripping us all off - regardless of where funds these men wish to channel go. I see this as a deeper issue for all of us to demand change on.

a reply to: dashen

We can only hope there's some justice for Soros.

Soros is the epitome of the "Limousine Liberal Progressive Socialist" hypocrite who wants "redistribution of wealth" for the ordinary middles classes (us), but not for his assets (carefully sheltered off-shore).

This is a creep who has nearly doubled his wealth since Obama took office. He made his billions by manipulating currencies -- without any concern about the effects on people & nations.

Soros will find a way to slither away unscathed.

a reply to: dashen

He should fire his accountant and hire Sharpton's tax attorney.

originally posted by: Sublimecraft
a reply to: dashen

Tell me,, what does the IRS do when average Joe does not cough-up? Oh that's right, repossess your house and/or destroy your life for as little as 0.001% of that amount...

Now, I'm no Nostradamus by any means, but I bet he simply pays a team of forked-tongue lying lawyers, Ohh, I dunno - say 20% of that 7 Billion to simply take this to court and keep it there........until the cows come home.

High profile and/or rich assholes and tax dodging seems to be pretty standard in the land of "capitalism" based lobbynomics.
Sharpton & Hitlerry

Just for perspective... 0.001% of his tax bill is $670,000.

originally posted by: Mumbotron

originally posted by: Sublimecraft
a reply to: dashen

Tell me,, what does the IRS do when average Joe does not cough-up? Oh that's right, repossess your house and/or destroy your life for as little as 0.001% of that amount...

Now, I'm no Nostradamus by any means, but I bet he simply pays a team of forked-tongue lying lawyers, Ohh, I dunno - say 20% of that 7 Billion to simply take this to court and keep it there........until the cows come home.

High profile and/or rich assholes and tax dodging seems to be pretty standard in the land of "capitalism" based lobbynomics.
Sharpton & Hitlerry

Just for perspective... 0.001% of his tax bill is $670,000.

rounded up to 7 billion for arguments sake....

originally posted by: TinfoilTP
At his age he will just hire a fleet of lawyers and he will never have to pay in his remaining lifetime.

Or he'll just start a war and piss everybody off. Oh, wait, that's on it's way it seems, he'll just have to nudge it.

Cheers - Dave

originally posted by: jimmyx

originally posted by: teslahowitzer
a reply to: dashen This could not happen to a nicer guy...

and I'm sure you say the same thing about the Koch Bros., Sheldon Adelson, and the other republican billionaires backing right-wing conservatives
www.businessinsider.com...

good thing political bias doesn't show up in this OP

OH NOS!!

I do say the same things about them.

But bringing them up, does not excuse Soros.

YOUR political bias just showed up too, BTW.