I am usually the first person to defend U2, but on this tax issue, I think they absolutely made the wrong decision for several reasons.
First, they consider Ireland their home - and the Irish people their "tribe" (remember the Slane DVD). I understand they are an international business but when you refer to a place as your home, you should pay taxes there if that is the law of the land. Just my opinion.
Second, I have seen first-hand how ridiculous corporate tax avoidance shenanigans can get, and it makes me sick every time. Someone ALWAYS foots the bill for the lost tax revenue and, guess what, it is not the rich, who have high paid tax advisors. It is the middle class and poor. That is a fact.
Third, I think it is all a matter of degree. It's one thing to minimize your taxes using tax planning and saving a few bucks by knowing the national tax law, and it is quite another to consciously set up your business in *another country* just to reap some tax advantage and avoid paying tax to the country that you refer to and often live in as your home.
Yes, the tax law changed. So? That happens all the time here in the U.S. If I lost one of my tax benefits, my first thought would not be to go set up a Cayman Islands tax entity. I think that would be an overreaction and not fair to the rest of my countrymen who then would have to foot the bill for me.
Also, U2 has to realize that with the great power, fame, and fortune of being U2 come great responsibilities (thx SpiderMan). They ARE held to a higher standard because they set a higher standard for others. You can't have it both ways.
If U2 don't at least bother to maintain the APPEARANCE of integrity, how can they expect others to follow their lead in making ethical financial choices? Their cred is worth a hell of a lot. Maybe they should do what they can to preserve it.
Yes, it is perfectly legal to avoid taxes. But this is not a question of legality. This is a question of ethics. Is it OK to set up an offshore entity to avoid taxes in a place you consider home? What's next? Maybe they will start moving around hundreds of millions of dollars in a big complicated circle to reap the advantages of inconsistencies in the international tax code. In that case, again, it's legal, but is it right? Then they are no better than the companies that engage in those tax avoidance schemes. On this topic, I speak from experience.
I love the band but they better start taking a long look at their decisions.
Chew on that for a while.