Back in 2015, numerous publications including Fox News, Bloomberg, and Forbes were reporting about leftist billionaire George Soros’ debt. According to them, Soros owed billions of dollars in unpaid taxes after finding ways to avoid the IRS.
Fox News reported at the time:
“George Soros may soon face a monumental tax bill — of nearly $7 billion — after years of playing hard-to-get with the IRS.”
They pointed out the hypocrisy of Soros: despite 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.
Unfortunately for Soros, Congress closed that loophole in 2008. But before that, Bloomberg reports, George used it to defer taxes on client fees. Instead, he reinvested them in his own fund, and they grew tax-free. While he technically was able to do this for U.S.-based funds, he apparently preferred offshore funds because otherwise clients would face negative tax implications.
Seeking shelter from the law Soros moved assets shortly before the change to Ireland, but tax attorneys say they don’t know of a way for money managers to avoid the bill in 2017.
Citing Irish regulatory filings, Bloomberg reported that thanks to this loophole, Soros made $13.3 billion.
Factoring in the various tax rates that would apply, one tax expert estimated this would leave Soros with a bill for around $6.7 billion.
Even today, two years after the reports, there are no articles or any indications that Soros had paid this massive tax debt.
Forbes reports that Donald Trump has an estimated net worth of $4.5 billion which would mean that George Soros potentially owes more money than President Donald Trump’s worth.
This is just another reason why this man should be locked up for a long, long time.
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