Globalist left-wing billionaire George Soros pumped billions of dollars into far-left political campaigns while pouring billions more into his own foundation in the years coinciding, paying no federal income tax.
Internal Revenue Service documents, which were cited by ProPublica, showed a number of America’s richest elite, including Soros, Tesla CEO Elon Musk, and Amazon founder Jeff Bezos, paid zero income tax in certain years while claiming to have made net losses that offset gains.
But Soros tax avoidance was most notable as he funds a large collection of left-wing groups, which shared the contradictory socialist belief that the rich should be taxed more in order to redistribute wealth,
In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.
Michael Bloomberg managed to do the same in recent years. Billionaire investor Carl Icahn did it twice. George Soros paid no federal income tax three years in a row.
A spokesman for Soros said in a statement: “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.”
But it isn’t clear how Soros lost so much money.
Between 2016 and 2018, the stock market rose substantially, reaching a high in 2018; the Dow Jones Industrial Average was over 70% higher than the 2016 lowest point.
Nevertheless, Soros had plenty of funds to our into Democrats and left-wing causes who were fighting against President Donald Trump.
Soros also spent millions of dollars in 2018 to elect left-wing prosecutors across the nation, which helped efforts at criminal justice reform.
Soros also gave $18 billion to his Open Society Foundations in 2018.
The New York Times described it as “one of the largest transfers of wealth ever made by a private donor to a single foundation.”
In 2020, Soros’ Open Society Foundations announced $220 million donations to radical Black Lives Matter justice organizations across the US.
The most significant share of the investment is $150 million, which will be via grants to black-led organizations focused on racial equality.
The Open Society Foundations added that donations aid the movement to “end policing as we know it.”