And Stephen Moore’s knickers are in a twist.
Congress is still scrambling to find ways to pay for its tax cut, so perhaps it should pay closer attention to last month’s news that George Soros had transferred $18 billion of his fortune to a private charity that he controls. There it will be sheltered from the Internal Revenue Service forever. This may be the single biggest tax dodge in US history, yet no one on the right or left seems to have raised an eyebrow.
How is it a tax dodge, exactly, to take legal steps to protect one’s assets from the taxman? Why would anyone “on the right” object to a man moving to hang on to more of his money?
I don’t question these billionaires’ right to do with their money as they wish. I’m simply arguing that Congress shouldn’t let the rich and politically powerful use private foundations to escape taxation.
This is disingenuous. Private foundations are a completely legal way in which to shelter funds and to escape taxation. I applaud Soros’ effort to keep his money, even as I decry his politics. Had I billions of dollars—or even thousands—I’d try to protect it from the Revenooers, too. Government doesn’t need as much of my money as it tries to claim; as long as it’s legal, there’s nothing wrong with keeping out of the Feds’ paws.
What Congress should be doing is finding ways to allow those of us with less money than Soros, or even less than the 20% or 30% or 50%, shelter more of our money, too. One way to do that would be via a single low, flat income tax rate applied to all income regardless of source by a tax code devoid of carve-outs, deductions, credits, froo-froo. Failing that, the tax reform plan on offer from the House and possibly (subject to the whims of three or four Republican Senators’ egos) on offer from the Senate would be a good start.