Bono makes another capitalistic move

Stephen Beard Aug 8, 2006

TEXT OF STORY

SCOTT JAGOW: Rock star Bono is part of a private equity firm. That firm is buying a minority stake in Forbes magazine. No one outside the Forbes family has ever owned a piece of its business media companies. And Bono’s making another capitalistic move. Stephen Beard reports from London.


STEPHEN BEARD: Anti-poverty campaigning begins at home, it seems.

Bono’s rock band U2 wants to pay less tax. It’s moved a portion of its $800 million fortune out of Dublin after a relatively modest tax hike there.

The Irish government put a cap on the amount of income that artists like U2 can enjoy tax-free.

Politicians have criticized U2’s move, especially since BONO has urged the Irish government to give more aid to the developing world.

Liz MacManus, deputy head of the Opposition Labour Party:

LIZ MACMANUS: The country cannot contribute to the developing world unless we have raised taxes and I think everybody understands that we should raise taxes on a fair basis.

Multi-millionaire rock stars should pay their share, she says.

When contacted about the story a spokeswoman for U2 said: No comment.

In London, this is Stephen Beard for Marketplace.

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