Soros Voices Criticism Of Bush's Tax Policies

by Leroy Baker, Tax-News.com, New York

08 March 2004

Extending the recently legislated tax cuts will not create more jobs and stimulate investment as the Bush administration expects, argues billionaire hedge fund guru-turned-philanthropist George Soros.

“By restoring taxation of the rich, that is people with over $300,000 of income, you could reduce the deficit and that would give you more room for engaging in programs that create jobs," Soros observed after giving a speech at the University of California at Berkeley.

The Hungarian-born founder of the Quantum fund has lately been an increasingly vocal critic of President Bush’s economic and foreign policy, and has indicated that he is prepared to throw some of his considerable wealth behind the campaign to ensure Bush is not re-elected when the US goes to the polls in the fall.

Responding to questions on the outlook for America’s markets, Soros replied that he believes the markets will continue to rise, noting that “lots of people are sitting on lots of money which brings no return, so they are trying to put it to use.”

Recent reports, however, have indicated that Soros and fellow investment magnate Warren Buffett continue to be bearish on the US dollar, and are currently shorting American financial assets.

Alternative news site, Conspiracyplanet.com, has reported that Buffett has sold about 83% of his long position in US equities and corporate bonds over the last three months. The site also suggests that Buffett has formed a consortium with George Soros and others 'to short the US dollar in size'. However, these reports remain unconfirmed.

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