The Wall Street Journal reports that John Paulson became famous for one of the savviest financial plays of all time. Unlike most everyone else, Paulson invested against subprime mortgages during the last decade and earned a profit of about $15 billion for his fund and $4 billion for himself.
Now the tax bill is due. And that is one of the largest-ever personal tax bills. Paulson must pay about $1 billion in federal and state taxes, on top of the approx. half-million dollar tax bill he paid last year, said people who know.
Paulson isn’t exactly struggling to pay, but a string of losing investments since 2011 has left him a little less flush than in the windfall days of his contrarian investing, it is reported.
What if Paulson could not pay the tax bill? What would his options be? Those are the questions I help taxpayers answer in a way that keeps them – instead of the IRS – in control of their finances. If you need to take control of your financial life and resolve tax problems now, use the contact form below for a free consultation.