Its absolutely obscene how David Drumm paid just 10k tax on earnings of 10 million

Squiggle · 25-02-2011 11:11AM

Tax avoidance is legal tax evasion isn't. Wealthier people can afford the best tax planners and thus minimise their tax liabilities. If you have a problem with tax avoidance schemes it's the legislators that you should be directing your ire at.

danbohan · 25-02-2011 11:15AM

bonerm wrote: »

I'm sure the man is probably thinking if he'd got a better accountant that he could have got it down to 5k.

Thank dog Fianna Gael are in power now and all this tomfoolery is going to change....

thank dog indeed!

Pauleta · 25-02-2011 11:24AM

seamus wrote: »

Personally if I was earning that kind of money I wouldn't be going to extraordinary lengths to reduce my tax bill. €10m minus €1m in tax is still a shedload of money.

Personally i would tell my accountant to minimize my tax and not bother worrying about it whilst i swan about doing whatever rich folk do. He has a great accountant.

Worztron · 25-02-2011 11:26AM

David Drumm is a warped and greedy pr**k just like the rotten politicians that looked after him and continue to protect him.

thebaz · 25-02-2011 11:29AM

isnt this the guy that is going to sue the Irish state for stress - the ****er should be extradited and tried for treason ...

also, why does it take a U.S. court to find this out . Ireland would need a 10 year 100 million tribunal to find this out , then deem the outcome invalid, due to some legal technicality .. along with fingers fingleton , drumm is possibly the geediest **** this country has produced , and contributed to the breaking of the country

gonedrinking · 25-02-2011 11:34AM

Pauleta wrote: »

Personally i would tell my accountant to minimize my tax and not bother worrying about it whilst i swan about doing whatever rich folk do. He has a great a accountant.

How do you know he has a great accountant? How do you know he hasn't engaged in tax evasion? He had already been accused of deception and misconduct by his former employer (http://www.rte.ie/news/2011/0215/drummd.html) so how are you so sure he merely has a great accountant in this case?

alfa beta · 25-02-2011 11:42AM

probably just claimed artists tax relief based on the fact that anglo's books were complete fiction.

11:11 · 25-02-2011 11:48AM

This is absolutely disgusting! How can this be?

What's also weird is the passion of all the posters here, yet nothing is being done. We truly don't care, because we're not doing anything about it. If nothing is stood up for it's taken as fine. Everybody take a leaf from North Africa's book!

Pace2008 · 25-02-2011 11:48AM

nm wrote: »

Dunno why youre all calling him himself a c*nt, if the tax system say he only needs to pay 10grand then what do you expect him to do?

Perhaps entertain the notion that legality and morality are not necessarily the same thing?

thebaz · 25-02-2011 12:16PM

11:11 wrote: »

What's also weird is the passion of all the posters here, yet nothing is being done. We truly don't care, because we're not doing anything about it. If nothing is stood up for it's taken as fine. Everybody take a leaf from North Africa's book!

if one cent of our money is paid to this **** for stress, i will gladly do a stint in jail

gonedrinking · 25-02-2011 12:22PM

thebaz wrote: »

if one cent of our money is paid to this **** for stress, i will gladly do a stint in jail

Exactly, everyone has a breaking point. If David Drumm suing the Irish state means that he will step foot in this country again then I'm all for it.

take everything · 25-02-2011 12:27PM

gonedrinking wrote: »

I pay more tax than that a year on my 35k salary. Its fcuking disgusting how that bastard is allowed to just walk away from the destruction he caused in Ireland.

http://www.irishtimes.com/newspaper/frontpage/2011/0225/1224290841877.html

Good to see Chase bank suing the little knacker for the CC bills he ran up prior to bankruptcy.

TonyDub · 25-02-2011 07:05PM

Can anyone else find this story on the Irish Times website? It seems to have completely vanished for me, was working fine earlier.

ebixa82 · 25-02-2011 07:13PM

heyheyhey1982 wrote: »

Where i used to work in the good old days (2004-2008) people used to be on contract there fore where "self employed". They wheren't technically. any way they where earning between 70k-100k, and where paying maybe 5-10% at the end of the year. I couldnt understand when the tax year was coming to an end and they'd be discussing "7% this year" and falling around laughing.

This is madness how he paid 10k on earning 3.5million?? if he was PAYE he'd of paid around 1.5million?? so how can they write off so much. I'd love an accountant to come on and explain this as if everyone was doing this the state would collapse tommorow. The rich really don't pay Tax.

Where where you working?

gonedrinking wrote: »

Most people who earned 10 mill wouldn't give a sh1t how much tax they paid. And how the fcuk was he a smart man when he pretty much single-handedly bankrupted Ireland? Please answer me that.

The answer is in your question. He managed to screw the country and paid only 10k on millions earned. (Did I really have to explain this?

)

Nodin · 25-02-2011 07:27PM

I can't find the article.....

TonyDub · 25-02-2011 07:30PM

Not showing up on their search engine either. Looks like the Irish Times have had to pull it.

Pauleta · 25-02-2011 07:33PM

gonedrinking wrote: »

How do you know he has a great accountant? How do you know he hasn't engaged in tax evasion? He had already been accused of deception and misconduct by his former employer (http://www.rte.ie/news/2011/0215/drummd.html) so how are you so sure he merely has a great accountant in this case?

Look im no fan of the chap or condoning what him and his accountant may of done but he is innocent before proven guilty. Due to him never being convicted i presume his innocence.

Nodin · 25-02-2011 07:34PM

Here it is from elsewhere....

David Drumm paid less than €10,000 in income tax despite earning more than €10m during his time as CEO of Anglo Irish Bank, according to reports.
The Irish Times has said that documents filed in Boston as part of Mr Drumm’s bankruptcy application there show he received income tax rebates in 2004, 2005 and 2006

In 2007 Mr Drumm was the highest paid chief executive of an Irish bank, receiving a salary of €3.27m. According to a Revenue document filed in Boston he paid just €2,216.94 in income tax, however.
The sudden drop in Drumm’s tax bill coincided with his being appointed to the Anglo board.
In 2002 Mr Drumm paid €87,872 in income tax in 2002 and the following year the banker paid €135,451.35 in income tax.
The Irish Times reports that 2003 was the last year he was subjected to a significant tax bill.
In January 2005 Drumm was appointed chief executive of Anglo-Irish bank and earned €2.35 million that year.
The Revenue document filed in Boston shows that he received an income tax rebate of €7,598.78.
Drumm earned €3mn and received an income tax rebate of €4,950.84 in 2006.
Two years later he earned €2.13 million and paid €39,625 in income tax.

http://insideireland.ie/2011/02/25/david-drumm-paid-e10k-tax-on-e10m-income-report-9964/

Sticky_Fingers · 25-02-2011 07:35PM

Here's another link to the story:
http://businessandleadership.com/business/item/28608-drumm-paid-10-000-tax-on/

My favorite bit:

Drumm now lives in the US, where he has filed for bankruptcy. However, Anglo continues to persue him for debts of up to €8m. The Revenue has put in claims for €716 owing in income tax from 2008, and €121 in interest.

Good old revenue, on the ball once again....

flutered · 25-02-2011 07:39PM

bonerm wrote: »

I'm sure the man is probably thinking if he'd got a better accountant that he could have got it down to 5k.

Thank dog Fianna Gael are in power now and all this tomfoolery is going to change....

i hope that you are correct, but we reside in a bananna republic.

UglyBolloxFace · 25-02-2011 07:40PM

The OP's link isn't working for some reason.

From this link http://businessandleadership.com/business/item/28608-drumm-paid-10-000-tax-on/

Former chief executive of Anglo Irish Ban,k David Drumm paid just €10,000 tax on earnings of over €10m, a report in the Irish Times today reveals.

The newspaper claims that the disgraced banker’s tax bill fell dramatically once he was appointed to the board of Anglo Irish Bank in 2004.

According to documents filed in his bankruptcy case in the US, Drumm received income tax rebates in 2004, 2005 and 2006 – the years in which he was one of Ireland’s top earning bankers.

In 2007, he paid €2,216.94 income tax, even though he was paid €3.27m.

In 2008, the year Anglo was bailed out, Drumm – as chief executive – earned €2.13m. He paid over €39,000 income tax, the most substantial amount during his time on the bank’s board.

The Irish Times said the bank had no comment when asked if it had a “tax avoidance structure”. There was also no comment from Drumm or the Revenue.

Drumm now lives in the US, where he has filed for bankruptcy. However, Anglo continues to persue him for debts of up to €8m. The Revenue has put in claims for €716 owing in income tax from 2008, and €121 in interest.

This part I found most disturbing:

The Revenue has put in claims for €716 owing in income tax from 2008, and €121 in interest.

Is that a typo or is that all they are seriously pursuing him for? What the **** is going on.

steddyeddy · 25-02-2011 07:41PM

Anglo Irish bank broke the law, no ones in jail and at one stage the investigation was halted when passwords were withheld from the investigation. Now this comes out about drumm. The only thing this can say is for me the morality of paying taxes has gone out the window. I really feel no obligation to pay. If enough people felt like that maybe the powers that be cop on. I would consider myself a better citizen by putting money weekly into st.vincent de paul.

Rabble Rabble · 25-02-2011 07:59PM

ebixa82 wrote: »

In fairness he was a smart man who stroked/milked a corrupted system. If I knew how to pay only 0.1% tax and get away with it then I would.

Most people who say they wouldn't are liars.

Rubbish. If people followed the money we wouldn't have nurses. we wouldn't have cancer researchers, or scientists. Everybody would be a banker of some sort.

karma_ · 25-02-2011 08:01PM

Pauleta wrote: »

Look im no fan of the chap or condoning what him and his accountant may of done but he is innocent before proven guilty. Due to him never being convicted i presume his innocence.

Strange that over in the Mary Harney paint thread you had no trouble labelling the party as guilty when she hasn't yet been convicted. I'll come right out and say it, that in my opinion you are one of the biggest hypocrites on these boards.

Rabble Rabble · 25-02-2011 08:07PM

Lol at all the defenders here. The normal defence of useful capitalists who tax avoid, or low corporation, is that they are wealth creators. I agree with some of that. If a corporation generates vast amount of taxes in wages, and vat, we can excuse low corporation tax.

Drumm engaged in wealth destruction. He created no wealth, he invented no technology, he funded no such invention. He destroyed the economy and lived off the tits of the Irish taxpayer.

There are two options here

1) He massively tax evaded.. Extradite him and jail him if he cant repay.
2) He tax avoided. Fire the leaders of the Dept. Of Finance and Revenue who designed a system to allow a CEO - supposedly a PAYE earner to get a rebate. Fire them without pension.

EDIT:

and since I know this is coming. We will be firing the legislators tomorrow.

m5ex9oqjawdg2i · 25-02-2011 08:10PM

Pauleta wrote: »

Look im no fan of the chap or condoning what him and his accountant may of done but he is innocent before proven guilty. Due to him never being convicted i presume his innocence.

Are you having a laugh?

fergpie · 25-02-2011 08:12PM

Dont always believe everything you read....

"The Irish Times reported incorrectly that he had paid almost no income tax during the period. The report was based on a misinterpretation of a Revenue document filed in a Boston court".

From http://www.irishtimes.com/newspaper/breaking/2011/0225/breaking55.html

karma_ · 25-02-2011 08:15PM

fergpie wrote: »

Dont always believe everything you read....

"The Irish Times reported incorrectly that he had paid almost no income tax during the period. The report was based on a misinterpretation of a Revenue document filed in a Boston court".

From http://www.irishtimes.com/newspaper/breaking/2011/0225/breaking55.html

Allow me a chuckle at the irony here.

Nodin · 25-02-2011 08:18PM

Bad day for a times reporter, I'd imagine...thats what happens when ye rush...

ebixa82 · 25-02-2011 08:22PM

Rabble Rabble wrote: »

Rubbish. If people followed the money we wouldn't have nurses. we wouldn't have cancer researchers, or scientists. Everybody would be a banker of some sort.

In a functioning society one should not be able to avoid paying taxes. Most people are unable to evade/avoid tax without being caught. However I reckon if somebody was certain never to be caught, they would not declare all of their taxes,
I will be brutally honest and say I wouldn't. Maybe I'm what's wrong with this country!:eek:

Its absolutely obscene how David Drumm paid just 10k tax on earnings of 10 million

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