For those who don't know the gag: Iris is actually a mortgage broker, and a successful one at that. He doesn't need rock to survive, he needs rock to live.
Posted on 08/11/2006 4:11:58 AM PDT by dennisw
The Rolling Stones paid just 1.6 per cent in tax on earnings of $US152 million ($A200 million) last year, thanks to slick management of their fortunes.
Details have leaked out because the Stones' finances are managed by a Dutch company; they are making their wills and Dutch law requires certain information to be made public.
Germany's Die Welt newspaper reported on the tax break that Mick Jagger, guitarist Keith Richards and drummer Charlie Watts enjoyed through the use of offshore trusts and companies.
According to the newspaper, the trio went to a Dutch finance house in 1972 to have their millions managed from Amsterdam because they didn't trust British finance houses. Now they are making wills to ensure that beneficiaries don't end up squabbling.
Details of the tax break were revealed in the country's trade registry, according to Die Welt.
A Dutch holding company called Promogroup is the umbrella organisation that has been managing the finances of the three original Stones for the past 35 years.
Ron Wood's assets are not managed by the Dutch group. With just £70 million ($A171 million) in the bank, he is the poor relation to the others in the band.
The Stones' Dutch advisers use branch offices in the Dutch Antilles in the Caribbean to reduce tax liabilities. The registry also pinpoints a European blueblood as the Stones' finance manager, a German-Austrian prince who the band reportedly refer to as Ruppie the Groupie.
Promogroup runs 10 subsidiary companies and has roots stretching back to the 17th century when rich merchants rather than rockers were its clients.
Sabine Schuttgens, a lawyer involved in setting up the Stones' trusts, said: "The foundations are to make sure that after the death of the rock stars there would be no arguments among their heirs."
ah leah
you know i have no problem with some trying to limit tax, hell if i could do it legally i would, but there is nothing worse then some smug git telling all the 'plebs' to pay while he buggers off to limit his exposure...and the meantime will go on TV and tell us all how WE are responsible for the disaster that is unfolding in Africa
The correct spelling is: D'oh!
Not (and I repeat) NOT, when your talking about not paying taxes on earnings on $152 million. That is a lotta dough.
I was aware of the correct spelling.
My apologies
But unlike Mick, Donnie has a day job.
Would that be at Pants N'At with Lonnie and Ronnie?
I'd also guess they've made more than that last year from their newest record and the worldwide tour as they gross between $3mil and $10mil per show.
These guys are REALLY rich.
This is how it has always been. The REALLY rich never pay significant taxes because they can afford accounting firms and lobbyists to game the system for them. A significant purpose of the heavy progressive taxes which these people support is to make it as difficult as possible for the barely rich to catch up with their betters.
For those who have not seen them play in the last 10-15 years, you're missing the most amazing entertainment experience in the world today. Worth every penny.
I'd hate to be one of the bands that warm up for them...'cause when the Stones come to town, they come to PLAY. They blow people away from 8 to 80yrs. Teens and 20 somethings are routinely astounded.
Mick has to be worth half a billion or so. Even though the numbers above do not reflect this
For those who don't know the gag: Iris is actually a mortgage broker, and a successful one at that. He doesn't need rock to survive, he needs rock to live.
Duh!
I have no problem whatsoever with this.
It's called "good money management."
They earned the money.
True, but I've noticed that liberals, while wanting to tax the daylights out those who make their wealth through business, aren't quite so harsh on musicians. During the Clinton years, there was a tax law put into effect that only applied to business executives making big money, musicians were exempt.
I would like a source on that, but knowing how tight Clinton was with pardoned fugitive Marc Rich's composer wife Denise, I don't have a difficult time believing it's possible.
It happened well before the pardons. I'll have to find out exactly what the law was, maybe by Googling, but it basically went after executives who were making more money than the Dems thought they deserved. Didn't go after entertainers.
Is THAT wild! Donnie is a Pittsburgh Icon, and a local radio station does this skit based on him and fictitious siblings with names that rhyme. Iris has called in just *rolling* when they do the skits.
Check it out
Hyde park 1968
http://www.youtube.com/watch?v=d3WVSISISzc
AND
Arthur Lee (very good)
http://www.youtube.com/watch?v=VEYwxD1XcRQ
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