Money

Bono Defends U2's Offshore Bank Accounts to Avoid Taxes

| by Michael Allen
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Bono recently defended his band, U2, about their decision to offshore some of their income in the Netherlands to prevent it from being taxed in their native Ireland.

It's not that unusual for musicians to move their money or themselves to another country to avoid taxes. Freddie Mercury reportedly moved to Germany to escape the UK's tax rate and Rod Stewart fled to the U.S. in the 1970s for the same reason.

But Bono is claiming the Irish government somehow supports this loss of taxable income, which is highly unlikely.

“U2 is in total harmony with our government’s philosophy. Tax competitiveness has taken our country out of poverty. [The revenue] accept that if you engage in that policy then some people are going to go out, and some people are coming in,” Bono told The Guardian.

"At the heart of the Irish economy has always been the philosophy of tax competitiveness. On the cranky left that is very annoying, I can see that. But [that] is why Ireland has stayed afloat.”

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Bono also recalled meeting with President Bush is an effort to get AIDS drugs for Africa.

"I lambasted Bush face to face for not getting the ARV drugs to people 'on bicycles and motorcycles' as he had promised in his state of the union speech. I was definitely being a little verbose, a bit shouty. At one point he banged his hand on the table: 'Hold on here, I am the president of the United States!'" stated Bono.

Source: The Guardian