A bombshell new report from ProPublica shows that many of the wealthiest Americans have found ways to pay almost nothing in income taxes — including billionaire leftist George Soros.
Leaked tax records show that the Hungarian-born philanthropist, who is one of the most prolific donors in American politics, paid no income taxes for three years in a row. But during this time period, he was still donating billions to liberal causes, Breitbart reports.
Soros is not the only one
According to ProPublica, Elon Musk, Mike Bloomberg, and Jeff Bezos — some of the most powerful men alive — paid no income tax at all in recent years.
Soros paid no taxes between 2016 and 2018, a period that covers a substantial part of Donald Trump’s presidency, because of financial losses, his spokesperson said.
“Between 2016 and 2018 George Soros lost money on his investments, therefore he did not owe federal income taxes in those years,” the spokesperson said, according to ProPublica. “Mr. Soros has long supported higher taxes for wealthy Americans.”
While avoiding the tax man, Soros donated generously to the left: in 2017, he gave $18 billion to the Open Society Foundations, which acts as a hub for his philanthropy.
In 2018, he began a much-scrutinized campaign to influence District Attorney races across the nation, with a view to transforming the justice system.
Hypocrisy? Libs embrace it
It’s all pretty ironic, as Breitbart notes, since many groups Soros supports militate against wealth inequality — and as his own spokesperson noted, he “supports” higher taxes on the wealthy. Joe Biden has also said that the richest should “pay their fair share.”
Then again, it’s not a secret that the liberals of yesteryear have merged with Wall Street elites. Biden received far more donor money from Big Finance in 2020 than Donald Trump, the real estate mogul and billionaire from New York, reports noted. In fact, it wasn’t even close.
Hypocrisy? Sure. But money talks.
As Wall Street drapes itself in Pride flags, many continue to debate the fairness of the financial system years after the 2008 crash that ruined millions as the middle class gets whacked with rising inflation and squeezed out of the housing market by big investment firms — while hedge funds continue to benefit from breaks like the carried interest loop hole.