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George Soros likes to say the rich should pay more taxes. 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 US$13.3 billion through the use of deferrals, according to Irish regulatory filings by Soros.

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George Soros may owe at least US$6.7B in federal, state and local taxes on income he deferred and reinvested in his fund

Theoretically, a hedge fund manager with Soros’s record who started with US$12M, didn’t take in more money, and reinvested his share of profits pretax, would have US$15.9B after 40 years

Had taxes been paid at the time the income was earned, the US$12M would have grown to only US$2.4B