Only in America - $7 Billion Tax Bill
Imagine if this could fall for Nigeria: $7 billion for the treasury: 'In what may be one of the largest tax settlements in history, current and former employees of Renaissance Technologies will pay the IRS as much as $7 billion, reports The Wall Street Journal. The settlement, which ends a long-running dispute between the hedge fund and the Internal Revenue Service, has been closely watched "because of the enormous amounts involved and because Renaissance’s leaders are among the largest political donors in the U.S."'
Current and former executives of hedge fund Renaissance Technologies LLC will personally pay as much as $7 billion in back taxes, interest and penalties to settle a long-running dispute with the Internal Revenue Service, the firm said, a tax settlement that may be the largest in history.
James Simons—the quantitative-investing pioneer who started Renaissance before retiring as the firm’s chairman on Jan. 1—will make an additional “settlement payment” of $670 million, according to the firm. Mr. Simons will also pay back taxes related to his gains.
Many things may not allow that work here.
And having that kind of cash would mean we have built ourselves so well that if we don't have it it means nothing.
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$7bn is big because we're small.
In any way you see it, you can only pay much when you make that much. Also, it is good to see that justice prevails.
Good evening sir.
