LPSF,
Until now, I've never been able to understand why rich "artists" like Bono,
of U2 fame, tout higher and higher tax rates and why they seem so happy paying
these outrageous taxes. The following article makes it perfectly clear why
Bono advocates higher and higher taxes-- until now, he has been exempt from
them! A new tax law in Ireland will force "artists" to pay income taxes like
everybody else; Bono has lost his tax exemption. Now that Bono is forced to
have a taste of his medicine; it turns out his cure-all is not the sweet
medicine he thought it was. I hope Bono chokes on his rotten medicine!
All the best,
Don Fields
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.
[Editor's Note: Read more about U2 in our Special Report "Bono's Politics"