EMC founder clashes with IRS over 'tax evasion' scheme

Richard Egan, ex-marine and a founder of EMC, is suing the US Internal Revenue Service for the return of $62m taken from him after the IRS decided option trading arrangements he had entered into were a tax avoidance scam. Egan insists the trades were genuine. EMC-founder Richard Egan Egan, an ex-US ambassador to Ireland, is …

[Anonymous Coward]

Hmmm

Is it just me, or does he look like Frank Butcher? No wonder the IRS are interested in him!

[Anonymous Coward]

@A/C Frank Butcher

That'll confuse dem dare yanks....

[Peyton]

Who is Frank Butcher?

couldn't resist

[Anonymous Coward]

remember, it's only money

And the rich stay richer by NOT PAYING TAXES because of all the loopholes written into the laws JUST FOR THEM by their friends in congress. I'm sure it doesn't hurt that he and his cronies probably ponied up several hundreds of quid for various officeholders and party officials.

Getting my coat. That'll about cover it.

[Anonymous Coward]

What is the IRS thinking?

Rich people don't pay tax, that's what poor people are for. He must have pissed off someone with even more cash them him.

[Anonymous Coward]

EMC Royal Family

Have you met any of the EMC royal family?

Nice they're not.

[Seán]

Fair's Fair

Have you any idea how much gin Pat drinks of a weekend? VAT on the slate as Arthur would say.

[Tim]

The rich are thoroughly soaked

Those in the top 1% of income pay 40% of the income tax revenue in the U.S., so I think they are already pretty well fleeced, even though I'm not among them.

[kain preacher]

its the IRS

Good luck with that. If Bin laden owed the IRS money , he would of been found with in three days of going into Afghanistan

[Henry Wertz]

Seriously...

Seriously, this is just petty. He's worth $1.4 bil, and he's complaining over a $62 million tax? Fuck. And the "my accountants told me it was OK" defense is NOT going to fly. This actually happens fairly often here, accountants will try the craziest shell-games to avoid as many taxes as possible (for their clients); if it works the rich guy gets richer. If not, they're SUPPOSED to suck it up and pay.

@Tim

"Those in the top 1% of income pay 40% of the income tax revenue in the U.S.,"

But I just wikipedia'd it, and the top 1% make 15% of the US income. And, at that, the top 1% starts at about $250,000/year... I'm wondering what the top 0.5% or top 0.1% make? I'm guessing the guys at $250,000 are not quite high enough to get into the serious tax dodges (and pay a lot of that 40%) while those making millions get out at quite a low tax rate.

[Mark]

re: The rich are thoroughly soaked

Not if the top1% are earning 60% of the money. Paying 40% of the tax in that case means that the poorest 99% are earning 40% of the money and paying 60% of the tax.

Soaked in gin, more like...

[Anonymous Coward]

more likely

than not the richest ones also have access to all the best tax dodges and really aren't paying a dime. Just like corporations whinge about their taxes but you don't see them whinging about all the special tax writeoffs they get....where's the fun in that?

Paris, 'cuz even she knows the dodges.