The Rock Stars say to be generous?
A new story in Britain's Daily Mail details how The Rolling Stones have paid just 1.6% in taxes on the 242 million pounds they've accumulated over the years. The Stones set up little front holding companies in Holland and the Caribbean, so as to avoid any taxes.
This story reminded me of one that came out in The Telegraph a few months ago. That one was about how Linda McCartney's lawers worked very hard in her final months to establish that she held residency in New York, despite her having lived in Britain for the past three decades. Their work paid off, because they were able to stash all of her 150 million pound estate in a "qualified domestic marital trust", essentially giving it all to Paul and avoiding Britain's death tax.
A short time after that, Paul McCartney took the stage at Live8 and told us all that we needed to give more. Right after he just finished avoiding paying more than LiveAid had taken in, the last time Africa needed bailing out!
Speaking of which, Bono was so impressed by The Stones tax avoidance, that U2 has hired on The Stones' Dutch financhial director to help them do the same.
Where's my checkbook?
This story reminded me of one that came out in The Telegraph a few months ago. That one was about how Linda McCartney's lawers worked very hard in her final months to establish that she held residency in New York, despite her having lived in Britain for the past three decades. Their work paid off, because they were able to stash all of her 150 million pound estate in a "qualified domestic marital trust", essentially giving it all to Paul and avoiding Britain's death tax.
A short time after that, Paul McCartney took the stage at Live8 and told us all that we needed to give more. Right after he just finished avoiding paying more than LiveAid had taken in, the last time Africa needed bailing out!
Speaking of which, Bono was so impressed by The Stones tax avoidance, that U2 has hired on The Stones' Dutch financhial director to help them do the same.
Where's my checkbook?
posted by Exador at
12:39 PM
2 Comments:
In a world with freedom of movement, successful individuals will leave nations that punish success and move to nations that allow the successful to keep their rewards. There's nothing greedy about doing that. There's something stupid about not doing that. Stereotypes aside, many rock stars are not stupid. George Harrison famously complained of onerous, 94 percent tax rates in Harold Wilson's Great Britain. Pink Floyd became UK tax refugees in the late 1970s. The Stones, of course, didn't just figure out the benefits of sheltering their money twenty years ago, as someone reading this Daily Mail story might mistakenly think. In 1971, the Stones moved to the French Riviera and became tax refugees. Their famous exile produced a more famous exile--Exile on Main Street, the group's best album.
Rather than shame the Stones into unsheltering their money in the United Kingdom, the Daily Mail's article should shame the United Kingdom into creating a tax climate in which the successful would feel comfortable leaving their money unsheltered.
You're a math whiz, if the rock stars were paying 94% tax back in the sixties, and on payed 1.6% now, the tax average would still be what?
By
Sarcastro, at 2:45 PM
As you know, I'm a big fan of reducing taxes; but I'm also NOT going around the world telling everybody else they need to pay more.
Remember, a key difference between LiveAid (in the 80's) and Live8 (last year) is that the purpose of Live8 was to get people to pressure their governments to send aid to Africa.
Where do governments get money?
Taxes.
By
Exador, at 7:20 AM
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