"Bono, Preacher on Poverty, Tarnishes Halo With Irish Tax Move"
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's reducing tax payments that could help fund that aid.
After Ireland said it would scrap a break that lets musicians and artists avoid paying taxes on royalties, Bono and his U2 bandmates earlier this year moved their music publishing company to the Netherlands. The Dublin group, which Forbes estimates earned $110 million in 2005, will pay about 5 percent tax on their royalties, less than half the Irish rate.
Lest we forget: U2 is hardly alone among rock stars in trying to save cash on taxes (not that there's anything wrong with that, though to be pushing for more tax funding for something while dodging your own is a wee bit hypocritical). As the Rolling Stones and others might have said, "Gimme a Tax Shelter."
One way that Bono, the other members of U2, and all well-meaning folks can give something back: Push trade, not aid, as the road to wealth in Africa by publicizing the clever–and free for the asking!–"I buy goods from poorer countries" wristbands being pushed by the Adam Smith Institute.