U2 Can Make Millions and Avoid Taxes!
10/27/07
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(antiMusic) AP had an interesting story on Friday about just how much money U2 is making these days. But the real intriguing part of the story was that while Bono goes around the world trying to convince developed nations to use taxpayer money to aid poverty in the Third World, U2's corporation doesn't pay taxes. While you can only applaud Bono's efforts on behalf of poor nations, the tax exile thing is a bit of head-scratcher. Here is part of the AP story: U2 Ltd., the Irish band's music publishing company, raked in $30 million-plus last year -and $25.8 million of it went to five unidentified "employees," according to documents obtained Friday by The Associated Press.
Those "employees" are suspected to be the band members and their longtime manager, Paul McGuinness. But U2's public relations firms in Dublin and London refused to confirm that.While Bono has won accolades worldwide for raising awareness of Third World poverty, he has been criticized for moving U2's corporate offices out of Ireland to avoid paying taxes. - more on this story
Click here to read today's full report
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