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| justinkurian |
I don't think was posted - but let me know.
Rolling Stones find satisfaction in offshore tax shelter
By Hugh Davies
The Rolling Stones, notoriously averse to paying taxes since the band decamped to the south of France in 1971 to record Exile on Main Street, have recorded one of rock music's biggest financial hits.
With shrewd management, using offshore trusts and companies, Sir Mick Jagger, Keith Richards and Charlie Watts paid only 1.6 per cent in tax on earnings of £81.3 million last year.
Mick Jagger: worth £205 million
Ronnie Wood, who has a £90 million fortune, part of it from property development, is said to have a different arrangement as he was not a founder member of the band.
Rolling Stones Inc, usually an intensely private and secretive organisation, has had to reveal their finances as the musicians are making their wills and, with a Dutch company involved, Netherlands law insists that details be made public.
The band went to a Netherlands finance house in 1972 after Prince Rupert Zu Loewenstein, a London-based banker who holds an old Bavarian title, became their business adviser at the behest of Sir Mick, who studied at the London School of Economics.
Richards, worth £180 million, told an American business magazine: "The whole business thing is predicated a lot on the tax laws. It's why we rehearse in Canada and not in the US. A lot of our astute moves have been basically keeping up with tax laws: where we go, where not to put it, whether to sit on it or not."
Sir Mick, worth £205 million, recalled that in the mid-1960s, with sales of 10 million singles including Satisfaction and five million albums, the band was still living hand to mouth.
"The only people who earned money were the Beatles because they sold so many records," he said. "I'll never forget the deals we did in the 60s, which were just terrible. All I know from business I've picked up on the way. I never really studied business at school. I kind of wish I had, kind of, but how boring is that?"
Since 1989 the Stones have earned more than £1.2 billion. They have made £79.7 million so far from their current "A Bigger Bang" world tour, with ticket prices of up to £150.
http://www.telegraph.co.uk/news/main.jhtml;jsessionid=HG5CHMJMD4K0FQFIQMGSFGGAVCBQWIV0?xml=/news/2006/08/02/nstones02.xml |
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| Bitch |
Good for them! Glad to see them beat the system! |
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| lotsajizz |
yup..I heard some dippy DJ's yesterday condemning them for this, but if you were them, that would be what you want done with your hard-earned $$...
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| corgi37 |
Already a thread on this, and i must show my admiration for their financial intelligence.
A toast to Prince Rupert! |
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| Maxlugar |
Good idea. Love it.
It's funny, someone once said the Stones were Hippies! LOL!!!
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| glencar |
I'm a hardworking man/when did I ever do you wrong... |
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| TampabayStone |
quote:
Maxlugar wrote:
Good idea. Love it.
It's funny, someone once said the Stones were Hippies! LOL!!!
I am surprised with the comments from some of the poster from the left side of the political spectrum. I thought taxes were supposed to be a good thing.
[Edited by TampabayStone] |
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| east_river_trucker |
Taxes are a good thing and that's why Mick Jagger should have to pay them. Why are you so happy to see Mick and company pay only 1.6% on their huge earnings while you pay approximately 33% (USA) on your meager earnings? What keeps the commoners from storming Mick Jagger's castle with pitchforks and burning torches? Workers of the world unite. |
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| glencar |
My liberal brother-in-law always seems to find a way to write off his "expenses" on their taxes whilst I pay it the old-fashioned way. |
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| glencar |
quote:
east_river_trucker wrote:
Taxes are a good thing and that's why Mick Jagger should have to pay them. Why are you so happy to see Mick and company pay only 1.6% on their huge earnings while you pay approximately 33% (USA) on your meager earnings? What keeps the commoners from storming Mick Jagger's castle with pitchforks and burning torches? Workers of the world unite.
I might pay more than that. This AMT is killing me! |
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| Maxlugar |
[quote]TampabayStone wrote:
I am surprised with the comments from some of the poster from the left side of the political spectrum. I thought taxes were supposed to be a good thing.
You would think lowering taxes across the board would be an issue everyone from both sides would agree on. But the libs are actually brainwashed into thinking high taxes are a good thing and place blind faith on the government doing what they say they will do with the money, with zero emphasis on the results. They are the Coo Coo for Coco Puffs Party.
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| TampabayStone |
quote:
Maxlugar wrote:
You would think lowering taxes across the board would be an issue everyone from both sides would agree on. But the libs are actually brainwashed into thinking high taxes are a good thing and place blind faith on the government doing what they say they will do with the money, with zero emphasis on the results. They are the Coo Coo for Coco Puffs Party.
They just don't make sense to me. I thought Jizzy was a big lefty (not trying to start anything with my man) and I am very surprised with his comment. If taxes are now bad, how are the free loaders going to get paid? |
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| glencar |
Free loaders? |
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| glencar |
http://www.natca.org/flight-explorer/new-york.aspx |
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| Joey |
" But the libs are actually brainwashed into thinking high taxes are a good thing and place blind faith on the government doing what they say they will do with the money, with zero emphasis on the results. They are the Coo Coo for Coco Puffs Party."
........................
[cc:ss]
[Edited by Joey] |
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| glencar |
Girl you know it's true! |
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| Joey |
" Girl you know it's true! "
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| glencar |
We've reached the end of the road... |
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| TampabayStone |
quote:
glencar wrote:
Free loaders?
I know, I should have said how are the needy going to get the help they are owed. I guess I was just trying to stir it up a little.
[Edited by TampabayStone] |
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| TampabayStone |
quote:
glencar wrote:
http://www.natca.org/flight-explorer/new-york.aspx
??? |
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| glencar |
Just enjoy...It's what some freeloaders do all day. |
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| Joey |
" I guess I was just trying to stir it up a little. "
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| Lethargy |
quote:
east_river_trucker wrote:
Taxes are a good thing and that's why Mick Jagger should have to pay them. Why are you so happy to see Mick and company pay only 1.6% on their huge earnings while you pay approximately 33% (USA) on your meager earnings? What keeps the commoners from storming Mick Jagger's castle with pitchforks and burning torches? Workers of the world unite.
You're spot on! I'm on the conservative/libertarian/smaller govt side of the fence when it comes to taxes, the lower the better, etc. But I do support progressive taxes in general (the part of incrementally increasing tax brackets), and it is an outrage when the truly mega-wealthy end up paying LESS, not more taxes, than lower and middle income people. That's disgusting. |
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| TampabayStone |
quote:
glencar wrote:
Just enjoy...It's what some freeloaders do all day.
Oh, I think I read you were an air traffic controller. I guess you are saying that the government pays your salary. Do you think I called you a freeloader? I have a full understanding that taxes are needed to run a government. But beyound that, I would like to support the causes I beleive in, not the ones that big government thinks I should. I do not beleive that your 33% and AMT is needed to do that. |
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| glencar |
I agree with that. Even where I work, money is wasted. The ways they're trying to cut money are strange indeed. |
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| Soldatti |
Rupert is a very wise man. |
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| east_river_trucker |
quote:
Maxlugar wrote:
[quote]TampabayStone wrote:
I am surprised with the comments from some of the poster from the left side of the political spectrum. I thought taxes were supposed to be a good thing.
You would think lowering taxes across the board would be an issue everyone from both sides would agree on. But the libs are actually brainwashed into thinking high taxes are a good thing and place blind faith on the government doing what they say they will do with the money, with zero emphasis on the results. They are the Coo Coo for Coco Puffs Party.
1) If, as you say, Libs "place blind faith in the government" than it must follow that Cons place blind faith in corporations.
2) Government's sole purpose is to protect the common good - or else face defeat at the polls.
3) Corporation's sole purpose is to make money at any cost - or be annihilated by competitors.
Which one would you rather put your "blind faith" in?
If you are really interested in understanding why some people (the "Coo Coo Puffs" as you say) disagree with your point of view on non-progressive tax rates you should read "The Great Limbaugh Con." You can get it used on Amazon for a couple of dollars (and if you buy it online you won't have to pay taxes on it). It's about more than just Limbaugh. But if you enjoy talk radio you will enjoy the book.
I went to highschool and college - both of which were private schools and very conservative - during the Reagan revolution. I was a little Republican Thru and Thru. My economics teacher turned me on to Rush Limbaugh, and the deal was sealed. I bought into the whole conservative philosophy hook, line, and sinker. To me Rush was a rebel nearly on a par with Mick Jagger and Reagan was a president equal to Lincoln and Washington. So, when I talk about conservative views on taxes I know what the conservative game plan is. When you talk about liberal views on taxes do you know what the liberal game plan is? Or are you satisfied to just call the libs coco puffs, because that's what conservatives have told you liberals are? If you are passionate about conservativism it would do you well to learn what liberals actually believe.
[Edited by east_river_trucker] |
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| pdog |
quote:
Maxlugar wrote:
Good idea. Love it.
It's funny, someone once said the Stones were Hippies! LOL!!!
Most of the hippies I know are greedy cheap money mongering assholes!
Keno is not one of these types!
Just needed to say that! |
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| sirmoonie |
Seriously, I mean totally seriously, are there any people with relative wealth (e.g., 250K) who don't keep large chunks of green in the islands? What the fuck is wrong with you if you don't? |
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| pdog |
quote:
sirmoonie wrote:
Seriously, I mean totally seriously, are there any people with relative wealth (e.g., 250K) who don't keep large chunks of green in the islands? What the fuck is wrong with you if you don't?
I report 1/5 of my legal earnings and none of my illegal earnings!
My wife's gig is our version of A Waste Management Company! |
