George Soros, “Taxes are for other people”

Good day all. Last week an interesting story came out regarding George Soros. For those of you living in a cave, George Soros is a billionaire who believes that the elite, led by himself, should rule the world.

He has funded every left wing group out there. He’s forever calling for more regulations and suppression of the rights and freedom’s of individual people along with calls for more taxes on everyone, but himself. Well, Georgge is about to get socked with a massive tax bill. Here are a few details from 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.

Gee, what a surprise. George using a loophole he probably bribed some democrats to generate. Pity that someone caught on and corrected the problem.

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.

[youtuber youtube=’http://www.youtube.com/watch?v=Gbp_JQ7RxqM’]

As you would expect from this hypocrite, he’s still doing all he can to avoid paying “His fair share.”

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.

Soros is, in my personal opinion, evil. You can dig into his history under Nazi occupation and how the French went after him. He also helped break Bank of England back in the 90’s. He has also not noted for his support of Democratic forms of government. As I mentioned before, he does believe in ruling the “Lower Classes,” for their own good. He’s worked for years to destroy the United States and rebuild it in his own totalitarian image.

I’m glad he’s going to take a massive tax hit. People like him have done everything they can to enrich themselves, (And frankly, I really don’t have that much of a problem with this), but have used all that wealth not to help expand opportunities for everyone else. Instead they have done everything they can to protect their own wealth and power and make sure no one else can move up. He can’t drop dead soon enough for my liking.

Thatisall

~The Angry Webmaster~

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