And The Corrs are much better looking.
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."
Good for him. He should avoid taxes--I would if I made his kind of money. Many British/UK musicians that were extremely successful took refuge in friendlier nations, as the tax rates in their homeland were confiscatory.
You might not like the guy but has-been doesn't fit. He and the group still pack a lot of talent and produce outstanding music.
325K in income tax free ....is that per year?
that's not bad
I defended Bono and his work here on FR. BUT this is a glaring blindspot that disolves his message by encouraging countries to spend their tax money and he uses his financial wealth to by the knowledge to avoid paying that same tax money. ..... SO bang away.
I agree with Henry Rollins, U2 has been spitting out the same song for 30 years. If you want a good Irish rock band the best choice is Thin Lizzy.
And The Corrs are much better looking.
Who does Bono think "secures" these loans....we the tax payers...that don't earn millions a year.
Holland... that's where the Stones stash their massive bank.
Gimme Gimme Shelter--or I'll fade away
As with all music or art, that is a matter of opinion. I haven't heard anything worth getting excited about from U2 in years. And I still maintain that Bono is pretentious - "Hey, look at me! I'm the only one cool enough to wear these stupid colored safety goggles and dress like a bum and you all think they are the height of hip fashion. You should listen to me for all your foreign policies and give all your money to whatever cause I tell you to. Oh, yeah, and I shouldn't have to pay any taxes either."
~~~
"The way you solve poverty is giving people the tools to overcome it."
DUH....you mean like education?? A Conservative Principle.
"Chances are that he's "throwing" a portion of his own money at the issues he cares about. Choosing to give is one thing, having your money taken is another."
Just finished reading a book on Bono (question answer form from a french journalist/friend)
He actually comes off as sounding quite capitalist.
His message is we should be helping Africans become capitalist as well.
I did when I was... 20. That was many moons ago.
Overall though, he's a better than average rock star. Can't sing for beans though. And "The Edge" can't play guitar. But they somehow manage to make great music.
It’s OK, why should “Bono” and “The Edge” pay taxes like the little people?
Anyway, Bono is happy to blast Canada’s PM for not kneeling before the Great Bono, so how would he have any need to pay taxes so that Ireland can afford to give away more money?
http://timesnews.typepad.com/news/2007/06/when_pop_stars_.html
“[Harper} was then turned on by Bono (and sidekick Bob Geldof), who criticised Canada for its shoddy contribution to aid for the world’s poor: “We know who’s causing the trouble. And we know that Canada has blocked progress,” the singer-savers said. Bono, not looking happy, as above, announced that Harper was “out of sync” with his people. Geldof added: “A man called Stephen Harper came to Heiligendamm. But Canada stayed at home.” Harper was forced to give a press conference denying the allegations that Canada was the obstacle to a more charitable G8.”
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