Posted on 08/08/2006 4:18:20 PM PDT by World_Events
Bono Avoids Taxes, Joins with Forbes
Breaking from NewsMax.com
U2 and its lead singer Bono have been pushing the U.S. and EU countries to fork over more money for Third World nations to relieve debt and fight AIDS.
But when it comes to paying their fair share of taxes to help those efforts, U2 wants a free ride.
That's the word from Ireland, where the group has been based since it was founded in the early 1980s.
The Irish Examiner reports that U2 and Bono are furious that Ireland is doing away with its law exempting artists and authors from taxation.
Under the Irish government's last budget, artists and authors can get up to 250,000 euros ($325,000) in income tax free, but after that they pay like everyone else.
Most taxpayers would be joyous they could get the exemption Ireland provides.
But U2 rakes in tens of millions globally, and the new schedule doesn't sit well with the millionaire singer and his band members.
The Examiner reports that beginning in June of this year the group began moving parts of their business to Netherlands. The paper said now U2 pays "virtually no tax on royalties" in Holland.
And there's more news that U2 may be more of a savvy business than a social cause. Forbes magazine the "capitalist tool" revealed this week that U2 front man Bono and others in a financial investment company called Elevation Partners have purchased a large minority stake in Forbes Media, which owns the magazine.
Elevation Partners is a private equity firm which invests in intellectual property and media and entertainment companies. The Times said the investment amounted to $250 to $300 million.
"This investment by Elevation Partners will now accelerate our pursuit of a number of very exciting opportunities for growth," said Forbes Chief Executive Steve Forbes, who is also editor in chief of Forbes magazine.
Forbes has good reason to be gleeful: he's been a champion of free market ideas forever.
But the Times noted the irony of Bono's investment "in a magazine that celebrates wealth and consumption . . . "
Roger McNamee, a co-founder of Bono's Elevation Partners, responded: "The way you solve poverty is giving people the tools to overcome it."
It's a good point, but one never pushed by Bono.
The paper said the singer was unavailable for comment.
Perhaps he was in the Netherlands listening to "I Still Haven't Found What I'm Looking For."
Ahh, the democratic mantra=="spend other peoples money to save the world".
When I said "raise taxes", I didn't mean on me...
"Don't tax you, don't tax me, tax that guy behind the tree."
What, Bono doesn't trust the government with his money? It might not go to where he wants it to? Ahhh, poor baby, welcome to the club.
Dude. I'm so tired.
Holland is where smart money goes--no brainer.
you make sense. Bono actually has said some decent things lately about Pres. Bush and the fact that he has given more to fight AIDS in Africa than any president. He,at least, acknowledges the fact that Bush cares and is not "EVIL". I don't think that won him any friends on the left. That said,I've never liked U2.
Check me if I'm wrong, but like that band only knows 2 chords the Ist and Aug VIth of whatever key. Now I don't grudge him finding the pot'o gold. I actually like two or three of his songs a lot even though they all really sound the same. But I'm partial to pop songs which affect latin or classical. And the video of them riding their horses through the Siberian Taiga back when they used to play music videos on MTV was probably the only anthem to glastnost and perestroika. But, I missed Bono's apotheosis, the part when somebody died and Bono was raised in bodily form to the highest reaches of the DUmmie pantheaon. I woke up one day and Bono had been deified. Go figure...
Never thought that........
Boner gets boned!
More on how Bono and the Rolling Stones have avoided taxes.
http://www.freerepublic.com/focus/f-chat/1676047/posts
What you said.
Of course he avoids taxes...what else is new. Edge likes under 18 girls too.
Aside from the fact that it's like trying to fight water in the ocean...
I would expect no less of Bono , it all looks good on the outside syndrome . ... ...
Under the Irish government's last budget, artists and authors can get up to 250,000 euros ($325,000) in income tax free, but after that they pay like everyone else.
No one has asked the obvious questions; why did Ireland exempt artist and authors from taxes and why in the new budget did they only cut this subsidy to $325K instead of totally eliminating it.
I understand that Ireland has always honored poets but this is totally ridiculous.
debt relief for Africa
When somebody doesnt pay his bills, somebody else has to.
Another portrait in liberal hypocrisy.
Although with smart tax-planning like that, maybe Bono is actually a conservative.
What are the Stray Cats doing these days?
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