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Political Off Topic George Soros reportedly could face up to $7B tax bill, delaying payment for years
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Author | Topic: George Soros reportedly could face up to $7B tax bill, delaying payment for years |
BeWare POA Site Supporter Prowler Junkie From:Acworth , Georgia , USA |
posted 05-01-2015 02:37 PM
George Soros reportedly could face up to $7B tax bill, after delaying payment for years Published May 01, 2015·
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. Congress closed that loophole in 2008, ordering fund managers to pay up by 2017.
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KlasKat POA Site Supporter Prowler Junkie From:Centennial Co. USA |
posted 05-01-2015 02:42 PM
It's about time. Did you see they just found 6,400 more emails form Louis Lerner, yepeeeee |
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