Soros Faces Up to $7 Billion Tax Bill After Delaying Payment for Years
After years of dodging the IRS, George Soros is set to pay a MASSIVE tax bill of nearly $7 billion.
From Fox News
Despite Soros having advocated for higher taxes on the wealthy, the liberal billionaire reportedly has delayed paying his own for years thanks to a loophole in U.S. law.
That loophole was closed by Congress in 2008. But before that, Bloomberg reports, Soros used it to defer taxes on client fees. Instead, he reinvested them in his own fund, and they grew tax-free.
Bloomberg, citing Irish regulatory filings, reported that Soros has made $13.3 billion in this way. Factoring in the various tax rates that would apply, one tax expert estimated this would leave Soros with a roughly $6.7 billion bill.
While Soros did not comment on the estimate, Bloomberg reported that Soros deferred his taxes for so many years by reinvesting client fees. While he technically was able to do this for U.S.-based funds, offshore funds were apparently preferred because otherwise clients would face negative tax implications.
H/T American Lookout
Wow…so if he doesn’t pay he forfeits his PASSPORT right??? He is not a US citizen which means he can’t come to the USA ever again. The silver lining…hmmm?
George Soros is an American citizen…granted to him in 1961 unfortunately. But I say take it back and destroy his American passport.
True to his Liberal ideology – taxes are for the sheeple to pay.