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Why Rock Bands Are Wailing Against Tax Havens

  • 19 July 2016
  • Author: Alexander Carr
  • Number of views: 1979
Why Rock Bands Are Wailing Against Tax Havens

Wilco, Coldplay, Radiohead. What do these rock bands have in common? It’s more than just great music, it’s a passion for ending tax havens (sheltering money in a foreign country or independent area where taxes are low). Surprisingly, rock bands have a long and fascinating history when it comes to forging ahead into uncharted tax strategy territories.

The fact that some popular and emerging rock bands are incorporating this type of advocacy into their concert performances and appearances is no coincidence. The organization behind it is Oxfam International, which is focused on income equality and poverty issues. Oxfam enlists bands and celebrities to serve as spokespeople for a variety of social justice issues. The organization told Tax Analysts that emerging bands such as Lake Street Dive, Ra Ra Riot and Thao & The Get Down Stay Down are among the first to carry the specific message of tax haven reform to their audiences.

Oxfam is notorious for releasing controversial tax haven reports each year, framing a “black and white” picture of the evils of tax havens. But legendary bands and rock stars including the Beatles, the Rolling Stones, Sting, and Rod Stewart sing a different tune. These stars were nearly brought to ruin by up to 90 percent income tax throughout the years, forcing many to become “tax exiles” from the U.K.  

When it comes to tax strategies, it’s important to seek professional advice before changing your tune to match your favorite band. You may be missing some important nuances. Do you have specific questions? Feel free to contact us.

Image Copyright: dwphotos / 123RF Stock Photo
Categories: Blog, General
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