Hypocrisy, thy name is George Soros.
Soros–the liberal billionaire investor who funds Leftist attack groups like Center for American Progress, Media Matters, and countless others–frequently says that the rich need to pay higher taxes. But when he says “the rich,” he doesn’t mean himself. Obviously.
Soros, through his company, Soros Fund Management, has apparently amassed $13.3 billion in income–solely by “deferring” taxes. Soros did so by taking advantage of a tax code loophole, which allowed him to defer taxes on certain pots of money, and reinvest them in his fund, where they’d continue to grow tax-free.
Congress closed the loophole in 2008, and ordered hedge funds like Soros Fund Management to pay back the taxes by 2017. Because Soros lives in New York City, he’d be taxed at 55.4%, including federal, state, and city taxes, as well as an additional tax to pay for ObamaCare (which he also supported.)
Soros’s outstanding tax bill comes to roughly $6.7 billion. Ouch.
But here’s the craziest thing: Soros might not have to pay a single penny. Shortly before Congress closed the loophole back in 2008, Soros moved billions of dollars from the U.S. to Ireland–where he paid a total of $962 (that’s not a typo) in taxes between 2008 and 2013. Soros moved that money again in 2014 to the Cayman Islands–one of the world’s premier tax shelters. Soros has also transferred billions to “related parties” over the last few years, reviving an old-fashioned method to decrease his tax burden.
Funny how George Soros, who loves taxes so much he wants to see more of them, won’t seem to put his (literal) money where his mouth is.
In his mind, that’s exactly how America should run: skyrocketing taxes on hardworking stiffs, and absolutely zero in taxes for the 23rd richest man in the world.