RR Phantom
Location : Wasted Space
Job/hobbies : Cayman Islands Actuary
 |  Subject: Mr. Eye Bags, Soros, pours billions into charity as tax deadline looms  Wed Oct 18, 2017 10:30 pm | |
| George Soros is giving his foundation a big inflow of money in part to minimise a tax bill hedge fund managers are facing this year.
Money managers have until the end of the year to pay taxes on fees they earned from investors in offshore funds and had deferred payment on. Many are now turning to charitable donations -- including to their own foundations -- to help offset the levies coming due.
Soros, founder of $US26 billion Soros Fund Management, has transferred almost $US18 billion to his Open Society Foundations over the past several years, according to a foundation official.
Only the Bill & Melinda Gates Foundation is now larger than Open Society among US grant-making groups, with an endowment of about $US40 billion. Soros is worth an estimated $US23 billion, according to Forbes.
Tax experts have estimated that collectively managers have at least $US100 billion offshore, based on tax-advisers' conversations with clients, brokers and fund-service providers. A New York-based money manager such as Soros could be subject to the top federal income tax rate in the US of 39.6 per cent, plus state and city levies.
When Congress eliminated the tax break in 2008, it gave hedge fund managers until December 31, 2017 to bring the cash home and pay the accumulated taxes.
Advertisement
At the end of 2013, Soros, 87, had amassed $US13.3 billion in his Soros Fund Management through the use of deferrals, according to Irish regulatory filings. It's unclear how much more that pool of money has grown since then. The sum of the total transfer to date was reported earlier Tuesday by the The Wall Street Journal.
Business AM Newsletter
A Hungarian immigrant, Soros started his career in New York City in the 1950s and gained a reputation for his investing prowess in 1992 by netting $US1 billion with a bet that the UK would be forced to devalue the pound.
His Quantum fund returned an average of 20 per cent annually until 2011, when he returned outside investors' money and converted his firm into a family office investing solely on behalf of Soros and his family members and his Open Society Foundations, a worldwide network of philanthropies that promotes democracy, the rule of law and economic advancement.
Soros Fund Management has returned 11 percent annualised in the last decade.
http://www.smh.com.au/business/world-business/george-soros-pours-billions-into-charity-as-tax-deadline-looms-20171017-gz2yzw.html
_________________
Anarcho Capitalists Retail , OZschwitz Downunder BoutiqueAnarcho-Capitalists,AnCaps Forum,Anti-State,Anti-Statist,Inalienable Rights Defenders,Non-Aggression Principle,Non-Initiation of Force Principle,Rothbardians,Anarchist,Capitalist,objectivism,Ayn Rand,Anarcho-Capitalism,Anarcho-Capitalist,politics,libertarianism,Ancap Forum,Anarchist Forum,Vulgar Libertarians,Hippies of The Right,Forum for Anarcho-Capitalist,Forum for Anarcho-Capitalists,Forum for AnCap,Forum for AnCaps,Libertarian,Anarcho-Objectivist,Freedom, Laissez Faire, Free Trade, Black Market, Randroid, Randroids, Rothbardian, AynArchist, Anarcho-Capitalist Forum, Anarchism, Anarchy, Free Market Anarchism, Free Market Anarchy, Market Anarchy
 |
|
