Is moving your money out of the country to save more considered unpatriotic? Tell that to Gerard Depardieu who said adieu to his beloved France to live in Russia where tax cuts allow him to save some money. Just around $6.2 M a year. Or, for nostalgia, the Beatles and Rolling Stones who heralded the British invasion back in the sixties, which was really the great British escape from higher taxes in U.K.
These and other celebrity tax savings are featured in the infographic, “Saving Money Celebrity Style,” published by FinancesOnline.com. The infographic shows how celebrities are achieving Wall Street-level financial acumen—they’re probably being advised by Wall Street, anyway—to avoid taxes and save more. And when you’re earning in millions, if not billions, you also save in millions.
Take LeBron James. He’s earning about $19.07 M a year from his salary. But because Florida is income tax-free, he brings home the whole bacon, whereas Kobe Bryant has to pay 12.3% as income tax off his $30 M annual salary.
And why is Spanish football star Cristiano Ronaldo not wishing for a raise? Because where he’s paying an “affordable” 24% tax for his $10.5 M income now, a raise will jack up the tax bracket to 50%. He’ll lose more when he’s paid more.
These are but a few tricks that celebrities have come to realize once they start earning big bucks. They know that singing, acting, playing sports and endorsing are not the only ways to earn big time; cutting on taxes can mean millions also.