{"id":11469,"date":"2015-05-01T11:56:29","date_gmt":"2015-05-01T15:56:29","guid":{"rendered":"http:\/\/www.gunpoliticsny.com\/?p=11469"},"modified":"2015-05-01T11:56:29","modified_gmt":"2015-05-01T15:56:29","slug":"soros-tax-problems","status":"publish","type":"post","link":"http:\/\/www.gunpoliticsny.com\/?p=11469","title":{"rendered":"Soros’ tax problems"},"content":{"rendered":"

Bloomberg Business reports, “George Soros May Face a Monster Tax Bill<\/a>“:<\/p>\n

“… While building a record as one of the world\u2019s 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.\u00a0 At the end of 2013, Soros\u2014through Soros Fund Management<\/a>\u2014had 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.\u00a0 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<\/a>.\u00a0 Applying those rates to Soros\u2019s deferred income would create a tax bill of $6.7 billion<\/strong> …”<\/em><\/p><\/blockquote>\n

Ouch.<\/p>\n

I’m a big fan of capitalism and I believe our tax system is unjust.\u00a0 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.<\/p>\n

Could this affect his ability to fund all sorts of gun control initiatives?\u00a0 His fortune is worth ~$30 billion, but who knows how that is structured.<\/p>\n