Soros’ tax problems

Bloomberg Business reports, “George Soros May Face a Monster Tax Bill“:

“… 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 … 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 … according to Andrew Needham, a tax partner at Cravath, Swaine & Moore.  Applying those rates to Soros’s deferred income would create a tax bill of $6.7 billion …”

Ouch.

I’m a big fan of capitalism and I believe our tax system is unjust.  However, Soros is a public advocate of high taxes and government regulation, and if the system he supports says he owes money then they need to collect.

Could this affect his ability to fund all sorts of gun control initiatives?  His fortune is worth ~$30 billion, but who knows how that is structured.