George Soros, Wealth Redistribution Advocate, Owes a Lot in Back Taxes - The American Spectator | USA News and Politics
George Soros, Wealth Redistribution Advocate, Owes a Lot in Back Taxes

George Soros is widely understood to be the mastermind behind a global effort to institute a very significant wealth redistribution scheme. He loves to say that the rich should be poorer, the poor should be richer and that a high rate of taxation should be responsible for bridging the divide. In pursuit of making this agenda real, George Soros has poured millions, if not billions, in the coffers of soak-the-rich progressive politicians across the globe, but mostly in the United States, where his influence is felt across the Democratic party. He is the crowned king and leader of the great unwashed – those merry but dedicated few who still think Che Guevara is a hero to millions, that Communism would succeed if they only just tried it one more time, and that grilled cheese sandwiches are best made on a carbourator idling outside of a Grateful Dead cover band concert.

Of course, as you probably expected, George Soros isn’t as keen on the tax laws he advocates as he seems. According to an investigation by Bloomberg, the man who wants to make sure the rich don’t get richer, has been using very conservative principles – as he would define them – to build up his bank accounts to the tune of over $13 billion. And now the IRS wants to know exactly how and why.

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, according to Bloomberg, closed the loophole Soros was using in 2008, and ordered anyone who used the loophole to pay up before 2017. Soros, who invested billions, probably owes the IRS somewhere in the ballpark of $7 billion in tax revenue – a huge chunk of change that could go far in helping assist the poor and destitute through bloated government programs, and potentially halt global warming in its tracks through costly edicts from the EPA. After all, while you and I might pay in the thousands or tens of thousands, depending on income, our money barely goes to pay our Congressman’s salary. A $7 billion chunk of change could make a huge dent in our deficit and go far to help offset, say, the effects of that dastardly Republican idea that cut budget increases by 2% year over year, Sequestration.

But as with his policies, Soros’s money is not for the little people. After hearing that things were going south and his money might be subject to government seizure, he moved his assets offshore to more corporate-friendly tax havens. 

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 started what would become the Quantum Endowment Fund in 1973 with about $12 million from investors, primarily wealthy Europeans, basing it in the then-Netherlands Antilles, according to a book he published in 1995 called Soros on Soros. He immediately began reinvesting almost all of his share of client profits, he wrote. When Soros founded his firm, nothing in U.S. law prevented money managers from postponing the acceptance of client fees and letting the money remain in their funds, where it could grow untaxed. But doing so wasn’t really an option for funds based in the U.S., because if managers didn’t take the fees, their clients wouldn’t be able to deduct them from their own taxable income.

That’s cold

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