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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (668031)8/18/2012 1:45:47 PM
From: tejek  Read Replies (1) of 1580018
 
ithout getting into his musicianship, there is a reason you don't hear Bono getting into the debate bashing Romney over his tax avoidance:

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In 2006, U2 moved part of their business from Ireland to The Netherlands, where the tax rate on royalty earnings is far lower than in this country. This followed an Irish Government decision to limit tax-free earnings for artists. Prior to this, all artistic earnings had been tax-free. Now artists would have to pay tax on earnings over 250,000 euros.

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.

Bono mounted a somewhat more robust defense. “We pay millions and millions of dollars in tax,” he said, and went on to defend the group’s right to act as any other business would.

That's because Ireland changed its laws re taxes on music royalties. The rate Bono was paying was around 5% but under the new Irish law, its estimated that Bono would be paying 42% on music royalties.

Bono will still pay personal income taxes and his Dublin based company will still pay taxes on its profits............both of which are much higher than the rates Romney pays.

Its amazing how hard you work to defend the indefensible.
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