Wednesday, November 01, 2006

Time to step up and practice what you preach. . .

"Six months later, Ireland's finance minister announced a ceiling of $319,000 on tax-free incomes, and six months after that, U2 opened its Amsterdam office. The relocation of U2's music publishing will halve taxes on the band's songwriting royalties, which already reportedly total $286 million. Although Bono has declined to comment on the move, the band's lead guitarist, David 'the Edge' Evans, said, 'Of course we're trying to be tax-efficient. Who doesn't want to be tax-efficient?'' Writing in the Observer, Nick Cohen noted that Evans 'sounded as edgy as a plump accountant in the 19th hole.'

U2's tax-shelter scheme caused an uproar in Ireland when the story broke there in August. But it's scarcely raised a ripple in the United States. A conservative would argue that's because in this country, we don't begrudge a man the opportunity to keep what he earns off the sweat of his brow (or even off the sweat of someone else's brow ) … even if that man spends half his time trying to goad governments into spending more to alleviate poverty. But a liberal could answer that in the United States, we are so used to seeing rich people avoid taxation that even a wealthy hypocrite who shelters his cash abroad can no longer qualify as news."

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I still support One.org, but I am disappointed that Bono acts to undermine his message and ultimately the organization.

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