2016 Postmortem
Related: About this forumHow Clinton Backer Soros built part of his fortune on the backs of American Taxpayers.
An explanation of how Soros built his fortune:
A manager with Soross track record who started with $12 million from investors, took 20 percent of the profits, and reinvested that money tax-free over 40 years, would end up with $15.9 billion. If that same manager paid federal, state, and local taxes on the fees and related investment gains before reinvesting them, the figure would shrink to $2.4 billion
This strategy is not unique but it is symbolic of the way the financial elites benefit from their extraordinary influence over the biased tax regulations that favors the politically well connected.
Restructuring tax law and regulations never reforms the system. This one example, how hedge funds circumvent taxes, should illustrate that inserting loopholes into statutes is the function of lobbying and providing campaign contributions.
George Soros has a long record of avoiding paying taxes, while undermining political regimes. But he is not alone in avoiding taxes. Bankers Anonymous outlines how the game is played.
(Will he ever pay his deferred tax bill?)
Congress closed the loophole in 2008 and ordered hedge fund managers who used it to pay the accumulated taxes by 2017. A New York-based money manager such as Soros would be subject to a federal rate of 39.6 percent, combined state and city levies totaling 12 percent, and an additional 3.8 percent tax on investment income to pay for Obamacare, according to Andrew Needham, a tax partner at Cravath, Swaine & Moore. Applying those rates to Soross deferred income would create a tax bill of $6.7 billion.
Note that the deadline for payment is 2017, just after the next election. Image the next puppet taking office using an executive order to further delay or water down the actual collection of the Soros tax obligation.
It should be self-evident that the weight of Wall Street influence will be enormous in the 2016 Presidential coronation.
There should be an add about how Soros and others built their wealth on the backs of American Taxpayers and how the bill due in 2017 may NEVER be paid. Americans have the right to know!
http://www.silverdoctors.com/george-soros-6-7-billion-tax-bill/
Renew Deal
(81,856 posts)Skwmom
(12,685 posts)Wellstone ruled
(34,661 posts)you just have to negotiate the price. And btw,that is also tax deductible. Hope everyone has a chance to listen to Soros interview on Bloomberg. What ever the name calling is,this guy, tells the truth and knows were his next buck is coming from. BTW,this story is the same for every muli millionaire and billionaire,remember carried interest,that is the most abused loophole.
Skwmom
(12,685 posts)wonder.
Wellstone ruled
(34,661 posts)old George claims it will be Hillary in a landslide popular vote but the Electoral will be a close one.
Skwmom
(12,685 posts)Wellstone ruled
(34,661 posts)DemocratSinceBirth
(99,710 posts)George Soros Gives $1 Million To Barack Obama Super PAC
http://www.huffingtonpost.com/2012/09/27/george-soros-super-pac_n_1920491.html