Georgie, George, George, George.
Knock, knock, Mr. Soros. It’s the Tax Man.
After years of delaying to pay taxes, hedge fund manager George Soros might owe somewhere around $6.7 billion.
How did he defer his taxes so long? Well, he kept reinvesting his client fees. By doing this, he reportedly accrued nearly $13 billion.
While doing this offshore used to have the benefit of having clients avoiding facing negative tax repercussions, that loophole was closed by Congress in 2008. In addition, they have ordered hedge fund managers to pay up by 2017.
Although George apparently moved his assets to Ireland before that loophole was closed, reportedly there’s no way for money managers to avoid the bill in two years’ time.
Wow, losing 6.7 billion? How will he ever manage to subside off the nearly 7.3 billion he has left. Life is so hard.