Formula One Schu is 'unemployed' (How the rich cheat taxes, part 683447)

siko

siko

Member
Schu is 'unemployed'
F1's highest earner skips Swiss charges

(GMM) In the country he resides, formula one's highest earner - Michael Schumacher - is officially unemployed.

Because motor racing is not recognised in Switzerland, the German has registered formally as an unemployed foreigner, according to the German 'Tageszeitung' (TZ) newspaper.

Even though his annual income tops more than $50 million, the 'unemployed' label means 37-year-old Schumacher only has to pay annual charges based on an income of US$300,000.

>> Source <<



No wonder many F1 drivers moved in to Switzerland... this is so lame (n)
 
I

Imhotep Evil

Member
siko said:
Schu is 'unemployed'
F1's highest earner skips Swiss charges

(GMM) In the country he resides, formula one's highest earner - Michael Schumacher - is officially unemployed.

Because motor racing is not recognised in Switzerland, the German has registered formally as an unemployed foreigner, according to the German 'Tageszeitung' (TZ) newspaper.

Even though his annual income tops more than $50 million, the 'unemployed' label means 37-year-old Schumacher only has to pay annual charges based on an income of US$300,000.

>> Source <<



No wonder many F1 drivers moved in to Switzerland... this is so lame (n)
Click to expand...

Well, I wouldn't want to pay >20 million to the german goverment either.
 
4

450SEL6.9

Guest
Schu probably has what is called Fiscal Deal permit with the Swiss canton he resides in. He pays his income tax based on his living expenses, generally what it would cost him to rent a property similar to what he is living in. The rule is the taxable income must be five times the living expense and the top tax rate would then be applied to that number.

So if his taxable income is $300,000, his annual living expense might be about $60,000 US. That's quite low since he lives in a pretty large property and I believe is building another mansion elsewhere in Switzerland.

I read in Fortune magazine that Schu is worth 700 million US dollars!
 
Giannis

Giannis

GCF Moderator
Staff member
this is a hell of a way to live. Paying almost nothing compared to what you earn... God, taxes are killing me...
 
MikeJ

MikeJ

Member
Räikkönen has a similar thing going, it was discussed in the press here some time ago. I think you really can't blame the drivers for what they do - try to imagine yourself in their place and then tell me you wouldn't do the same.
 
M

Matt

Member
Everytime someone makes money other people are trying to take it from him. He has a right to do whats necessary in order to get away with paying as little taxes as he can, hell thats what I would do. (oh and dont blame him, Im sure hes paid more in taxes then any of us do!)
 
siko

siko

Member
Original Poster
Dunno guys, ppl that make 50 mil, should pay taxes like the rest of us... especially that after taxes they still clear several dozen millions which is more that enough to get by. I have no problems with ppl making ridiculous kind of money, but pay taxes like eveyone.
 
M

Matt

Member
Im sure he's paid more taxes then all of us put together so maybe he wants a break and as a matter of fact he is doing it legally. Those who make more money pay a higher percentage in taxes so if they can get out of it, they should. Please dont act like you contribute as much to your government as he does to his. He pays way more taxes than you do, so please please dont act like you pay your fair share compared to him. Your very hypocritical. When you start paying millions of dollars in taxes then you can voice your opinion but because your not contributing nearly as much as he is, I would keep that very Naive opinion to yourself!



P.S. I may have been going through my period at the time I wrote this :). I feel this way but not as strongly as above....
 
Zafiro

Zafiro

Member
Everyone should pay their taxes. Sorry to say it but I would probably do the same thing. Its popular among our swedish athletes that they move to Monaco cause taxes in Sweden is sky-high. I pay 32% of my salary in taxes, I wish I only paid the half of it :)
 

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