Bono, the rock star and campaigner against third-world debt, is asking the Irish government to contribute more to Africa. At the same time, he is reducing tax payments that could help finance that aid.That's right, Bono's moving his publishing company to a tax haven to avoid an effective 21% income tax. It's funny how he's been pressuring governments to increase aid to Africa and "trying" to end poverty there while simultaneously campaigning to increase materialism and consumerism, buying part of the wealth-obsessed Forbes magazine, and now moving his company to a tax haven.
After Ireland said it would scrap a break that lets musicians and artists avoid paying taxes on royalties, Bono and his fellow U2 band members this year moved their music publishing company to the Netherlands. The group, which Forbes estimates earned $110 million in 2005, will pay about a 5 percent tax on their royalties in the Netherlands, less than half the Irish rate.[...]
For years, Bono and U2 got a better deal than most Irish taxpayers because songwriters paid no tax on earnings from music publishing. That will change next year, when Ireland limits the tax exemption, which also applies to writers and artists. From Jan. 1, artists who make more than €500,000, or $625,000, a year will pay tax on half their "creative" income, according to the Irish Revenue Authority.
Remaining in Ireland would have forced Bono to pay a 42 percent tax on such earnings.
I'm getting more and more annoyed by this type of fight against oppression that doesn't question privilege. If poverty were to end, that means that the small group of wealthy and super-wealthy people would have less money than they currently do. Economic redistribution is going to be part of any policy that actually attempts to eliminate poverty, and if Bono wants to support such measures, he can't go pulling an international tax evasion scheme. I mean, don't we always hear that as an excuse not to tax the wealthy? And he demanded that the Irish government increase aid to Africa - where does he think that money comes from if not from taxes?
It's just really sounding like he's one of those people who tries to wipe away the guilt of having so much while others starve by supporting a few painless measures all the while making sure he's storing up the cash.