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