George Soros To Congress: "Please Don't Cut My Taxes"

Tyler Durden's picture

After transferring over the bulk of his personal wealth to his “Open Society” Foundation - the umbrella organization for a network of dozens of political groups that push Soros’s far-left agenda across the US and Europe, Soros is still comfortable enough to justify giving away even more of his money - this time to the US federal government.

Taking a page out of Warren Buffett's book, Soros and a group of some 400 other rich Americans - including doctors, lawyers and CEOs - are sending a formal letter to Congress chiding lawmakers for trying to reduce taxes on the richest American families at a time when wealth inequality is rapidly expanding. Instead, the letter asks Congress not to pass any tax bill that “further exacerbates inequality” and adds to the debt (both of the current Republican plans would add $1.5 trillion to the debt over 10 years).

The letter was penned by Responsible Wealth, a group of “enlightened” rich people that includes Ben & Jerry's Ice Cream founders Ben Cohen and Jerry Greenfield, fashion designer Eileen Fisher and philanthropist Steven Rockefeller, in addition to Soros. Along with the big names are many individuals and couples who rank among the top 5% of Americans (those who have $1.5 million in assets or earn $250,000 or more a year).

In a rebuttal to Congress’s argument that corporate tax cuts will help stimulate growth, the letter argues that corporations are already reaping record profits. Instead of handing more money to the wealthy, the letter’s signers argue the government should use the funds to invest in education, research and roads that benefit everyone, while protecting entitlement programs like Medicaid.

In the letter, Congress’s push to repeal the estate tax was singled out for criticism. The tax, is only levied on assets worth more than $5.49 million ($11 million for couples) that are left to heirs. The House bill would eliminate the estate tax entirely. The Senate plan would double the threshold so people could inherit up to $11 million ($22 million for couples) tax free.

Only 5,000 families a year end up paying the estate tax. Under the Senate plan, that would drop to just 1,800 families, according to a report by the Joint Committee on Taxation, Congress's official nonpartisan estimators.

“Repealing the estate tax alone would lose an estimated $269 billion over 10 years — more than we would spend on the Food and Drug Administration, Centers for Disease Control, and Environmental Protection Agency combined,” the letter said.

Bob Crandall, a former American Airlines CEO, told the Post “I think a tax cut is absurd,” he said. Republicans are “saying we can’t afford to spend money, but we can afford to give rich people a huge tax break.”

Unsurprisingly, most of the signers of the letter come from California, New York and Massachusetts - states that went for Democrat Hillary Clinton in the last election. Former labor secretary Robert Reich, a backer of Bernie Sanders, also signed the letter. The campaign was organized by Responsible Wealth in partnership with Voices for Progress, another liberal organization.

One of the letter’s signers, a wealthy paper-mill scion from New York, pointed out the seeming absurdity in wealthy people asking Congress not to cut their taxes.

“This has to be one of the few times members of Congress have been visited by people saying, 'Don’t give me a tax cut,'" said Mike Lapham, who inherited sizable wealth from his family's paper mill in Upstate New York and now directs the Responsible Wealth project at United for a Fair Economy. "Wealthy people are saying it themselves: We don't need a tax cut."

Of course, like most political stunts of this caliber, we imagine the letter will be promptly ignored by Republicans. And many of the letter’s signers probably recognize this, too. Because if anybody believed the letter might actually influence the decision-makers in Congress, instead of serving solely as an instrument for virtue-signaling, we imagine there’d be a lot fewer rich people willing to sign.

Read the full letter below:

* * *

Dear Member of Congress:

We are high net worth individuals, many in the top 1%, who care deeply about our nation and its people, and we write with a simple request: Do not cut our taxes.

As you consider changes to the tax code, we urge you to oppose any legislation that further exacerbates inequality. Tax reform should be, at a minimum, revenue neutral—without using gimmicks like dynamic scoring. We are deeply concerned that revenue loss would lead to deep cuts in critical services such as education, Medicare and Medicaid, and would hamper our nation’s ability to restore investments in our people and communities.

The Republican tax plan would disproportionately benefit wealthy individuals and corporations with provisions including repealing the estate tax, repealing the Alternative Minimum Tax, and slashing the top pass-through tax rate. This proposal would mean wealthy people could pay a lower tax rate than many middle-class families and transfer massive inheritances to their heirs tax-free. Such proposals that benefit the wealthy would exacerbate the current wealth disparity in the U.S. where the top 1% of households hold 42% of the wealth.

We believe the key to creating more good jobs and a strong economy is not tax breaks for those of us who have plenty, but investing in the American people. Our civic institutions that help people meet basic living standards and protect the climate are critical to supporting our prosperity as a nation. Yet, Congress is already shortchanging the investments needed to strengthen our economy, and the Administration and some in Congress are looking for deeper cuts. Current federal funding for non-defense discretionary spending was slashed overall by more than 13% (adjusted for inflation) over the past seven years, leaving many programs severely underfunded. While Congress should be finding ways to increase funding for these vital investments, the Republican tax plan would instead add at least $1.5 trillion in tax cuts to the deficit over the next decade. This would leave us unable to meet our country’s current needs and restrict us in advancing any future investments.

A full repeal of the estate tax alone would lose an estimated $269 billion over 10 years —more than we would spend on the Food and Drug Administration, Centers for Disease Control, and Environmental Protection Agency combined. While these critical agencies help millions of people, repealing the estate tax would benefit just two out of every 1,000 estates. It is neither wise nor just to give wealthy people more tax breaks at the expense of working families, and it would be especially egregious to fund tax cuts for the wealthy by cutting or dismantling programs that help people meet fundamental human needs like healthcare or nutrition assistance.

Instead, we call on Congress to raise our taxes to bring in additional much-needed revenue and to restore investments to vital services. Doing so will help create jobs, strengthen the middle class, and ensure America’s economic success. Under no circumstance should tax reform lose revenue, especially to provide tax cuts to the wealthy and corporations.

Respectfully,

(signers)

 

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FL_Conservative's picture

Hey Gargoyle, you can always pay as much as you like regardless of your tax liability.  But hypocrites like you won't go that route.

Manthong's picture

 

There is a lot of cutting that should be done on the evil POS……

..and it does not involve finance.

Gaius Frakkin' Baltar's picture

Nice try, but this isn't about money anymore, Soros.

But I think you already know that.

peddling-fiction's picture

"Please Don't Cut My Taxes"

In other words, my tax advisors will use my many Foundations to pay very little, if any at all. I need YOU to pay taxes, because I, we, live off them. Who do you think wins the large Federal, State and County tenders?

We do, of course!

Be a good goi scout.

spastic_colon's picture

political grandstanding bullshit! no reason for these dickheads to come out and say anything but its more important that the liberal msm give them press time to push their agenda.

overbet's picture

No problem how about cutting your throat instead?

knukles's picture

OK then, we'll exempt you from any tax cuts, Georgieboi

beemasters's picture

Soros is tactical. He knows Trump will never agree to not cut taxes for the 1%. Issuing the statement makes him looks patriotic, on the side of the people/nation while rendering Trump looking like a fool.

IH8OBAMA's picture

Take my boot up your ass, George.

 

Retired Guy's picture

If rich folks don't want tax cuts- good. Congress would be crazy to cut anyway. Instead cut miltary spending.

Blankenstein's picture

He doesn't want to pay more taxes, he's just saying this to throw all the dum-dums off.  He's been using tax loopholes and offshoring to defer taxes for years.  

overbet's picture

Youre way off on evey point. Nobody would voluntarily part with their money to support a govenment with which they strongly oppose their policies and leader. To most, even the dumb ones, this is obvious grandstanding. You seeing some tactical plan in something that is so obviously for show makes you.?.?.?

Two-bits's picture

Soros may be able to dodge the tax man forever, but he is not going to be able to dodge Karma.

pods's picture

I'll cut his fucking throat just for being a smug bastard.

The fact I would save humanity from a demon would be gravy.

What's next, Zuckerjew gonna say the same thing? After giving all this wealth to a foundation (really meaning he's protecting all this wealth from the government by using the same scam that all the other rich shysters use). 

I'm really getting tired of all these scumbags trying to speak for me.

pods

Captain Nemo de Erehwon's picture

Yes ...just take the money and keep doing what we tell you to do. We'll double our money anyway then.

AGuy's picture

"Raise the estate tax to 98%"

Just raise Soros taxes to 98% (Special law with just his name on it)!

Raffie's picture

Hang him.... tax issues are resolved.

insanelysane's picture

Exactly a free country but none of these fucks ever pay more.  In the Commonwealth of Massachusetts the tax was 5% at one point and was raised to 5.85% "temporarily."  The Dems tried to leave it there.  It is slowly making its way back to 5%, painfully slow.  Right now it is 5.1% but tax payers have the option to pay the 5.85% rate because of all the liberal douche bags that said they didn't mind the 5.85% being permanent.  I know you will be surprised that only a few lunatics do pay more.

Blankenstein's picture

 

This evil old bastard is so full of shit.  He has been actively avoiding taxes for years by using tax loopholes and offshoring his accounts.  He set up a new company in Ireland to avoid paying taxes he had deferred and payed only $962 in taxes in 2013.  Yes this billionaire who is begging for higher taxes paid only $962. He wants the rest of us to pay large taxes so we can never accumulate any wealth. 

"An exemption (since tightened by IRS) existed for companies subject to tax in another jurisdiction so Soros incorporated a new company in tax-favored Ireland (our favorite offshore whipping boy of late) a week before the law was signed - and he transferred the deferred fees to the new company

Since the company was subject to tax in Ireland, the company paid just $962 in tax in Ireland on $3,851 of net income through 2013 (this from Irish regulatory findings as reported by Bloomberg ).

In 2014, Soros shut the company down and moved those deferred fees to another company in the tax-favored Caymans."

"By the time the new company in the Caymans was set up, Soros had reportedly deferred $13.3 billion in fees. If tax on those fees actually does come due in 2017, as it should by statute, Soros' tax bill would hit nearly $7 billion. That's assuming a top marginal rate of 39.6% + that pesky 3.8% net income investment tax (NIIT) + state and local taxes"

 

https://www.forbes.com/sites/kellyphillipserb/2015/05/01/geoge-soros-may...

 

GunnerySgtHartman's picture

All Soros (and Buffett, and Gates, and Bezos, and all of the other holier-than-thou bastards) need to do is this:

https://www.pay.gov/public/form/start/23779454

A. C.'s picture

Dear Mr. FL_,

You forgot the address.  His, or anybody else's, check should be mailed here:

Gifts to the United States
U.S. Department of the Treasury
Credit Accounting Branch
3700 East-West Highway, Room 622D
Hyattsville, MD 20782

That is a real, legitimate address, search for it on the web and confirm it if you like.  I've encountered some people who sing the same song as Soros about taxes, and when I suggest they just give what they think their taxes should be, and offer to copy down the above address for them, they mysteriously lose interest!  People who want higher taxes only want to do others like them economic harm - taxes are a form of economic harm because the economic benefit is either nothing or much less than if we spent it directly on the same things the Government provides, with perhaps a handful of exceptions.  These "advocates" are also confident that there will be loopholes for their money, and won't actually have to pay higher taxes themselves.  So all this talk is about doing economic harm to others.

Ajax-1's picture

Same goes for that piice of shit Warren Buffet.

truthseeker69's picture

You can hate Soros all you want but one thing is certain: he knows how to play the duped masses (Machiavellian style) 

He's throwing live bait out for anyone stupid enough to bite. 

On the other hand, when the enemy is bluffing we should all call him out on his bluff.  ZERO TAXES FOR ALL

Soros, like most grandstanding hypocritical liberals, does not pay taxes. Increasing taxes on the rich only affects those who on margin don't have the army of tax lawyers and accountants. (e.g. the middle class). 

 

 

 

 

semperfi's picture

How about this for an idea then George:

We hang you, then tax you 100% (take all your ill-gotten wealth)

Blankenstein's picture

 

'ill-gotten wealth'

His returns are questionably high.  His quantum fund averaged returns of 20% over 4 decades.  

 

Returns just like Berney Madoff:

"Avellino & Bienes, represented by Ira Sorkin, Madoff's former attorney, were accused of selling unregistered securities. In a report to the SEC they mentioned the fund's "curiously steady" yearly returns to investors of 13.5% to 20%."

Interestly, Forbes called those kinds of returns 'curiously steady' when talking about Bernie Madoff

And the Wall Street Jousrnal referred to them as "hard to believe" in 1992.

 

https://en.wikipedia.org/wiki/Madoff_investment_scandal

Son of Captain Nemo's picture

Cause I'll just "PRINT MORE"!!!

MrBoompi's picture

Fuck Soros.  Too bad there are no plans to crack down on foreign loopholes and foundations.  

Two-bits's picture

Hang this motherfucker by the neck from the jumbotron in times square until he be dead. Dead. Dead.

gilhgvc's picture

BUT, you don't see any of those folks sending big fat checks to ANYONE, unless it benefits them in return.

jmpntx's picture

How about we just remove all your tax loopholes?  I'm sure you don't pay your default tax rate.

Blankenstein's picture

This.  His tax deferrals are Yuge.   I don't have access to the full article but:

"A substantial part of his wealth, though, comes from delaying them. While building a record as one of the world’s greatest investors, the 84-year-old billionaire used a loophole that allowed him to defer taxes on fees paid by clients and reinvest them in his fund, where they continued to grow tax-free. At the end of 2013, Soros—through Soros Fund Management—had amassed $13.3 billion through the use of deferrals, according to Irish regulatory filings by Soros"

 

https://www.bloomberg.com/news/articles/2015-04-30/george-soros-s-tax-bill

jamesmmu's picture

The madman has only finally gone & done it! Nigel Farage unveils George Soros corruption with EU.

http://investmentwatchblog.com/the-madman-has-only-finally-gone-done-it-...

alangreedspank's picture

You know, we could nationalize his assets and non-profits too.... If he really wants to commit...

Two-bits's picture

For the record when Trump chose Powell is the new Fed chair I referenced your avatar as how he was going to hold down both the control buttons and use his Wang to press P.

Everytime you post it makes me giggle.

Doom and Dust's picture

It's terrifying to agree with this demon. But I will not be frightened into submission. I agree with Soros.

Now I'm gonne bleachwipe my brain.

alangreedspank's picture

Just typical barrier to entry raising towards wealth. He's rich, and he doesn't want anyone else to become so unless they're jews. (((They))) don't like Trump because he's not controlled by the same fanatical ethno-centrism as jews are and can be a loose canon.

Doom and Dust's picture

Trump's controlled by Kushner of Chabad Lubavich, Read up on it - Jewish supremacy justitfying gentile assfucking doesn't get much worse than chabad fucking lubavich. And contrary to the name they don't use lube - it's against their religion.

But you make a good point, taxing billionaires raises entry levels. I don't really care, I think all billionaires including their progeny and 'non-profit foundations' should be taxed into oblivion.

The Americans tried to escape aristocracy, but created one of their own, and they defend it with their lives in the name of liberty because they think one time they too may become aristocrats. As a people you really can't get much cuckier than that.

So the choice now is a tea party with guillotines, or massive taxes on exorbitant wealth. I'll opt for the latter until you're ready for the former.

Serious.Lee's picture

“Virtue Signalling” in F# Minor by Gyorgy Schwartz.

NeedleDickTheBugFucker's picture

Just more obfuscation.  The reason for the massive wealth inequality is NOT tax policy - it's the result of moronic monetary policy (ZIRP, NIRP, QE, etc.).  If the above letter had requested the ending of the Federal Reserve, only then would I have believed that the signatories really wanted the best for their fellow citizens.

Krink26's picture

Such a nice guy. He means well.

Go die in a fire.

silverserfer's picture

1000's of liberals just creamed their pants. While wearing their high fashon antifa scarves. 

Two-bits's picture

That's bullish for dry cleaners. 

ted41776's picture

when taxes are lower, all of his "non-profit" globalist organizations are going to feel the pinch, further destroying his agenda and life's work. it's why he recently pumped billions into his open society scam. so yeah, he needs taxes to be high in order to continue funneling money over to the very much political power vacuuming machines he has built over the years. i pray and hope that he lives long enough to watch it all collapse and wash down the drain

cookies anyone's picture

Yes, don't cut his taxes, cut his head

Tjeff1's picture

In light of this; congress should pass the "TAX George Soros bill" and confisgate ALL of his wealth and assets.  Clearly this would benefit the "greater good"