Saturday, May 02, 2015

Maybe Senator Reid meant to say that George Soros had not paid his taxes

(My new Babalu Blog)


What do we have here?    Who forgot to pay his taxes?
It’s Mr. George Soros:
“George Soros may soon face a monumental tax bill — of nearly $7 billion — after years of playing hard-to-get with the IRS.
Despite Soros having advocated for higher taxes on the wealthy, the liberal billionaire reportedly has delayed paying his own for years thanks to a loophole in U.S. law.
That loophole was closed by Congress in 2008. But before that, Bloomberg reports, Soros used it to defer taxes on client fees. Instead, he reinvested them in his own fund, and they grew tax-free.
Bloomberg, citing Irish regulatory filings, reported that Soros has made $13.3 billion in this way. Factoring in the various tax rates that would apply, one tax expert estimated this would leave Soros with a roughly $6.7 billion bill.
While Soros did not comment on the estimate, Bloomberg reported that Soros deferred his taxes for so many years by reinvesting client fees. While he technically was able to do this for U.S.-based funds, offshore funds were apparently preferred because otherwise clients would face negative tax implications.
Congress closed that loophole in 2008, ordering fund managers to pay up by 2017.
According to Bloomberg, Soros moved assets shortly before the change to Ireland, seen as a possible shelter from the law. But tax attorneys told Bloomberg they don’t know of a way for money managers to avoid the bill in 2017.”
This is really something.   Mr Soros, the left's # 1 wallet, used all kinds of tax loopholes to get around his tax obligations.

Isn't that something?
What a neat story!   George Soros using fancy loopholes to avoid taxes!

Tags: George Soros and taxes  To share or post to your site, click on "Post Link". Please mention / link to the My View by Silvio Canto, Jr. Thanks!

Is Mr. Sanders going to speak about the wealthy Clintons?

(My new American Thinker post)

The Clinton Foundation controversy is getting more controversial by the minute.  
The latest is about the Foundation's activities, as reported by Jonathan S. Tobin:

"Though the foundation has claimed that 88 percent of its expenditures are spent on good deeds, their own tax filings reveal that the real number is about ten percent. 
But far from being an unrelated, albeit embarrassing, sidebar to the allegations about influence peddling, this data is a reminder that the main point of the Bill, Hillary and Chelsea Clinton Foundation is to support its namesakes in a lavish fashion and to allow wealthy donors access to them."

Yes, and I hope that Democrats start talking about it.

Yesterday, Senator Bernie Sanders announced that he is running for president.   He spoke about millionaires and billionaires.  He attacked the Koch Brothers but did not mention the Soros group.

I hope that Mr Sanders, and Mr O'Malley, start talking about how the Clintons got rich over the last decade.  Otherwise, their attacks on the rich will be just pathetic class warfare!

Finally, the Koch Brothers got wealthy creating thousands of jobs and opening businesses.  The Clintons got rich taking money from countries and allegedly putting our national security at risk with a uranium deal.

So it's up to Mr Sanders, Mr O'Malley et al, to start talking about the very wealthy in their own party.   They have a lot of housecleaning to do before they throw stones at others.

For the record, I have no business association with the Koch Brothers.  I am simply angry at left wing politicians and their selective indignation.

P.S. You can hear my show (CantoTalk) or follow me on Twitter.



Tags: Brernie Sanders vs rich  To share or post to your site, click on "Post Link". Please mention / link to the My View by Silvio Canto, Jr. Thanks!

Baltimore and a few other issues with Jim Yardley


GUEST:  Jim Yardley, contributor to American Thinker, Canada Free Press and editor of Patriot Dreams.....we look at this week's events in Baltimore, the performance of the mayor, the social and structural problems of our inner cities.........PLUS the first quarter GDP is not good.....is this a temporary glitch or a sign of a slowdown.......

Click to listen:


Check Out Politics Podcasts at Blog Talk Radio with Silvio Canto Jr on BlogTalkRadio

Tags: Riots in Baltimore 2015 To share or post to your site, click on "Post Link". Please mention / link to the My View by Silvio Canto, Jr. Thanks!

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