To the People

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or TO THE PEOPLE.

Tuesday, October 17, 2006

One Life, You've Got to Do What You Should

And when you are mega-rich rock star Bono, that includes moving your band's corporation to the Netherlands to benefit from its lower tax rate. I am always amazed when limousine liberals speak passionately about helping the poor through more government spending while at the same time availing themselves of every opportunity to avoid paying for it themselves.

Bono has been a very visible champion of increasing government aid to poor nations. So is Bono asking the little people, most of whom cannot afford tickets to a U2 concert no less shift their taxable income to more favorable climes, to foot his rhetorical bill? The ultimate irony, and there are many here, is that Ireland is a global corporate tax haven with a 12.5% corporate rate versus 35% for US companies. The liberal Tax Research UK has some interesting insights on Bono's hypocrisy:
Ireland is a tax haven. And amongst the absurd benefits it has offered is tax free status to artists. U2 have apparently exploited this to ensure that no tax has been paid on the royalties they have earned from their songs.

Now, in a slightly more enlightened moment Ireland has decided to cap the income which can be subject to this exemption at 250,000 euros per annum. This is, of course, income beyond the dreams of about 99% of artists, whatever their medium, and so hardly diminishes Ireland’s commitment to support the arts, if that was the intent of the exemption. But the change is apparently unacceptable to U2...

...anyone who promotes development has to be serious about tax: more than that, they have to be serious about paying tax.