Four hundred wealthy Americans have appealed to the US Congress urging Republican lawmakers not to cut their taxes. They say the GOP shouldn’t cut taxes for the wealthiest when the US debt is at all-time high and inequality is rising.
The letter, signed, among others, by George Soros and Steven Rockefeller, says the proposal “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 signatories are among the highest earning five percent of Americans, who have $1.5 million in assets or who are making $250,000 or more a year.
The proposed cuts are part of President Donald Trump’s program aimed to spur growth and jobs in the country. They would add at least $1.5 trillion in tax cuts to the current national debt. This deficit “would leave us unable to meet our country’s current needs and restrict us in advancing any future investments,” the letter said.
One of the rich who signed the document is George Soros, who has always said wealthy people should pay more taxes. However, he prefers not to pay taxes in the United States, but in countries with more favorable tax laws.
In 2015 Bloomberg reported that Soros’ hedge fund paid $962 in tax in Ireland on $3,851 net income through 2013, while the remaining $7.2 billion operating income was allocated to investors.
A year later, Soros shut down the Irish company and set up another in the tax-friendly Caymans.
By the time the new company in the Caymans was created, Soros had reportedly funneled $13.3 billion in fees, which means he had dodged almost $7 billion in taxes if his business had been entirely located in the United States.
Article source: https://www.rt.com/business/409738-soros-taxes-wealthy-americans/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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