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World's highest paid musicians


Deegeeps

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http://www.billboard.com/#/news/u2-bon-jovi-lead-forbes-list-of-25-highest-1005239182.story

 

According to Forbes, the numbers encompass all pretax income (touring, record sales/downloads/streaming, royalties/licensing fees, publishing, merchandise sales, endorsements/sponsorships) earned by musicians from May 2010 to May 2011, before subtracting agent and manager fees which typically average 15-20% of an artist's earnings. Also, the UK recently introduced a 50% personal income tax rate for those earning more than £150,000. Ouch!!

 

For foreign artists touring the USA the IRS will withhold 30% of their gross income unless they have a CWA.

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http://www.billboard.com/#/news/u2-bon-jovi-lead-forbes-list-of-25-highest-1005239182.story

 

According to Forbes, the numbers encompass all pretax income (touring, record sales/downloads/streaming, royalties/licensing fees, publishing, merchandise sales, endorsements/sponsorships) earned by musicians from May 2010 to May 2011, before subtracting agent and manager fees which typically average 15-20% of an artist's earnings. Also, the UK recently introduced a 50% personal income tax rate for those earning more than £150,000. Ouch!!

 

For foreign artists touring the USA the IRS will withhold 30% of their gross income unless they have a CWA.

 

What's a CWA?

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What's a CWA?

 

The Central Withholding Agreement (CWA) is a contract between the IRS, the foreign artist, and a designated "withholding agent." The withholding agent may be the artist's agent or manager, a presenter, an accountant, or anyone else who is independent of the artist and is acceptable both to the artist and the IRS. If the artist obtains a CWA, the IRS will estimate the actual tax that the artist will owe on the tour or series of events, and this is the amount withheld from the artist's income - as opposed to withholding 30% of the artist's gross income. Because an artist may deduct certain business expenses from his or her taxable income, and because the artist will be taxed at graduated rates (which are often less than 30%), the CWA will likely reduce substantially the amount to be withheld from the artist's payments and improve the artist's cash flow. Foreign artists who wish to obtain a CWA must submit certain information and documents concerning their U.S. performances to the IRS, including contracts for all engagements and a budget for the U.S. performances. Using the information provided, the IRS estimates the artist's actual tax liability for the U.S. income earned. Please note the appropriate tax treatment for any particular artist is extremely fact-specific, depending on the artist's country of residence, the amount of money earned by the artist in the U.S., and the artist's status as an "individual" or "business" for tax purposes.

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It's only the money you earn above the threshold that is taxed at 50% here. Don't fall for the propaganda from the rich that gives off the impression they lose half their income in tax!

 

I agree, the rich have nothing to complain about. They are doing extremely well in the USA, too. The top personal income tax rate today is only 35%. It was as high as 90% back in the 1950's. In fact, the upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent.

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Well Muse aren't mentioned in that article, and they're a fair few clicks into the list... so to save everyone the time:

 

http://www.forbes.com/pictures/eeel45ehmg/18-muse-35-million-tie

 

They're in a five-way tie with AC/DC, P Diddy, Beyoncé and Tim McGraw. :LOL:

"18. Tim McGraw ($35 million, tie)

 

A jack of all trades, McGraw made big bucks in 2010 despite his label's decision to delay his new album. In addition to a lucrative tour, McGraw starred in Country Strong with Gwyneth Paltrow and his line of cologne is among the best selling celebrity scents. "

 

For some reason, I lol'd so hard at that... :$

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"18. Tim mcgraw ($35 million, tie)

 

a jack of all trades, mcgraw made big bucks in 2010 despite his label's decision to delay his new album. In addition to a lucrative tour, mcgraw starred in country strong with gwyneth paltrow and his line of cologne is among the best selling celebrity scents. "

 

for some reason, i lol'd so hard at that... :$

 

i sniffed himmamd he smell

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