Democrats always talk about taxing the rich. President Joe Biden’s future plans include increasing taxes on the ultra-wealthy, and many leftist leaders keep going after the country’s billionaires.
But what about those who contribute truckloads of money to liberal causes? For example, billionaire George Soros is a well-known financier of left-wing organizations and initiatives.
And now it looks like he’s gotten big tax breaks.
In the wake of Democrats like Rep. Alexandria Ocasio-Cortez and others calling for much higher taxes on the rich, Soros is one of several extremely wealthy people who have avoided paying taxes.
This from ProPublica citing newly released information from the Internal Revenue Service, which also called out Amazon founder Jeff Bezos and Tesla CEO Elon Musk.
Soros is the highlight here, though, especially considering his documented connection to so many liberal campaigns.
Billionaire left-wing financier George Soros gave millions of dollars to left-wing political campaigns, and billions to his own liberal foundation, in years when he paid no federal income tax.
ProPublica reported that Bezos, the world’s richest man, “did not pay a penny in federal income taxes.” Musk, the second-richest, also paid none.
As for Soros, he apparently paid no income tax for three years in a row.
In response, a spokesman for Soros 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.
Strangely, the stock market did well between 2016 and 2018, and the Dow Jones average was over 70 percent higher than it’s low point in 2016.
Soros has also donated plenty to leftist causes, which means he’s hardly broke. And yet, he somehow didn’t have to pay income tax for three years in a row?
That’s a difficult pill to swallow for many hardworking Americans, and even more difficult for those who have watched Soros continually contribute to questionable liberal initiatives over the years.
Soros helped raise money for the “Resistance” to President Donald Trump, for instance, and was rumored to have ties to extremist groups like Antifa.
Perhaps his biggest donation was to his Open Society Foundations, which almost exclusively fund left-wing causes:
Soros gave them $18 billion in 2017, a move the New York Times called “one of the largest transfers of wealth ever made by a private donor to a single foundation.”
And as many Americans have seen their taxes rise – and they expect to see more increases under the Biden administration – people like Soros and Bezos get to pay zero income tax.
They might’ve gamed the system, or used loopholes in the IRS structure. Either way, though, all taxpaying citizens have questions after hearing this news.
The bottom line is that one of the richest people in the world obviously has billions to give away to liberal causes. And he has called for higher taxes on the rich, too.
And yet, he worms out of paying his income tax three years in a row. So, it’s no surprise that many view this as hypocritical and just plain wrong.
- George Soros reportedly didn’t pay any income tax for 3 years in a row.
- A Soros spokesman said it was because he lost money on investments. But it’s not clear how this happened, as the stock market did well in those years.
- Soros also gave billions to left-wing organizations and causes, so many wonder how he got away with paying no taxes.