I love it when rich folks tell me that we should pay more taxes, or that the wealthy should pay more taxes but then they don't. We've heard for years about Warren Buffett owing $1 billion in back taxes, that didn't stop him from campaigning for higher taxes in 2012 alongside Barack Obama.
This past weekend Bloomberg has a great story on how George Soros built his fortune using tax loopholes and then moved his money out of the country as that loophole was closed.
Bloomberg details how Soros was able to defer taxes in such a way that his multi-billion dollar empire would have been worth much less if he paid taxes like everyone else. Then, when he was going to have to do that back in 2008, he bolted with the cash.
From the report:
"A week before the law was signed, Soros incorporated a new company in Ireland. Quantum Endowment transferred the deferred fees along with certain other assets and liabilities to the new company, called Quantum Endowment Ireland. "
Of course Soros is also a supporter of left wing economic policies including higher taxes - as long as he doesn't have to pay them.
It's kinda like unions, they constantly call for higher corporate taxes and claims corporations don't pay their fair share and yet unions collect billions annually tax free.
Doesn't seem right does it?
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