OPINION: This article contains commentary which reflects the author's opinion
Far-left billionaire George Soros found himself in hot water this week after being exposed by a left-wing outlet.
An explosive report from ProPublica used 15-year’s worth of confidential IRS records to calculate the effective tax rate that billionaires pay on their fortunes.
The liberal outlet stated that between 2016 and 2018, Soros paid no income tax three years in a row.
In a statement, a Soros spokesperson said: “Between 2016 and 2018 George Soros lost money on his investments, therefore he did not owe federal income taxes in those years. Mr. Soros has long supported higher taxes for wealthy Americans.”
The Bongino Report’s Matt Polumbo details the specifics:
But the performance of Soros Fund Management, the fund responsible for Soros’ massive wealth, gained 5% in 2016, 8.9% in 2017, and 0.9% in 2018. Where exactly is the loss that they’re speaking of?
Back in 2017 Soros transferred $18 billion of his fortune to the Open Society Foundation charity that he controls. That guarantees that those funds will be sheltered from the IRS forever in what one commentator called the “single biggest tax dodge in U.S. history, yet no one on the right or left seems to have raised an eyebrow.” The donation also allows Soros to deduct up to 20% of its market value on his personal taxes ($3.6 billion), which he can carry forward for five years, effectively giving him a double write off. That’s a more likely explanation for the lack of taxes paid, at least in the years 2017 and 2018.
Among the other billionaires included in the report are Amazon’s Jeff Bezos, Tesla’s Elon Musk, Berkshire Hathaway’s Warren Buffet, and Icahn Enterprises’ Carl Icahn, and Bloomberg’s Michael Bloomberg. The report does have its flaws in that it calculates the “true” tax rates of these billionaires by comparing their taxes paid over a period vs. their increase in net worth.
Most of these billionaire’s gains in wealth is due to increases in the value of stock, not earned income. Of course, those billionaires will eventually pay long-term capital gains tax when they cash out their stock (unless they pull a Soros and donate to a “charitable foundation”).
The buried lede here may be that the IRS was either hacked – or they have a leaker.
Soros has spent years trying his best to fund liberal causes, leaders, and lawmakers so they can take over and run every facet of people’s lives.
He funds left-wing district attorneys so they have power over communities and what crimes they choose to prosecute.
Soros also pumps millions and millions of dollars to “sway” elections, colleges, and everything else further to the political Left.
A group funded by Soros funneled $300,000 into the crucial Georgia runoff elections to support Democrats Raphael Warnock and Jon Ossoff.
The Democracy PAC, a super PAC founded by Soros, also reportedly infused $1.5 million into “Black PAC,” a radical progressive political committee that pushes African Americans to the polls for Democrats.
Last month, Soros donated $500 million to a private liberal arts college in New York that seeks to enrich “democratic discourse by training tomorrow’s thought leaders.”
It’s clear to most that this is causing mass division.