George Soros has become one of the world’s most successful investors and philanthropists. He recently donated $18 billion to his foundation Open Society Foundations. His rather large donation was in part to reduce a tax bill that he faces this year. Hedge fund managers such as George Soros have until December 31st, to pay the taxes on fees earned from offshore funds. Many now have looked to reduce the taxes by making charitable donations in hopes to offset the tax bill.
George Soros is the founder of the Soros Fund Management, which has spread out the massive $18 billion transfer over several years. This in part to an asset transfer. George Soros is said to have plans to leave most of his wealth with his Open Society Foundations. This rather large donation has made Open Society Foundations the second largest organization in the United States, right behind the Bill and Melinda Gates Foundation. The U.S. Congress canceled this tax break in 2008, forcing people like Soros to bring the wealth back home and pay the accumulated taxes. George Soros is the chairman of the Open Society Foundations and three of his children are board members.
George Soros was born and raised in Nazi occupied Hungary. He managed to survive the Nazi occupation and the Communist takeover. He fled to London, where he attended the London School of Economics and worked as a railroad porter. He later emigrated to New York where he began his financial career in Wall Street. He later became known for making a bet that the United Kingdom would be required to devalue the pound. He earned $1 billion from that bet. George Soros started his Quantum Fund with outside investors’ money and turned it into a family business, investing on behalf of the Soros family and the Open Society Foundations, and https://www.theatlantic.com/business/archive/2017/12/soros-philanthropy/547247/.
Soros has become a major donor to Democrats and liberal causes. Since the 2016 election of Donald Trump, Soros’ Open Society Foundation has been working to aid victims of hate crimes. The Open Society Foundations was started to promote democracy, human rights and a free press. Soros’ organization has recently invested in programs that protect gays and lesbians and the Roma people. They are also working to reduce police abuse. The Open Society Foundations built treatment centers during the Ebola outbreak. George Soros was a major contributor to Hillary Clinton’s presidential campaign. Over the last several decades, George Soros has been making annual donations of $800 million to $900 million to the Open Society Foundations. Over the next few years, George Soros is expected to contribute another $2 billion.
George Soros’ foundation has had a major impact all over the world. Despite Soros’ $18 billion donation, Open Society Foundations is not changing the number of grants it hands out. Currently the organization spends $900 million on grants, more than what is legally required. Despite his old age, Soros continues to be involved in the organization’s work. Soros continues to help people all over the world through his organization, and read full article.