Pinocchio has some serious competition, but not from Bill Clinton. Today's most truth-challenged person is Lewis Hamilton, the race-car driver who will lower his tax bill by about $8 million per year by moving from England to Switzerland. He claims he wants solitude, but with an annual income of about $20 million, he could have purchased a sound-proof mansion. Too bad Mr. Hamilton is unwilling to boldly proclaim that he is escaping an oppressive tax system. The Mirror reports on the real reason for the move:
Lewis Hamilton will save more than £4million a year when he moves to his Swiss tax haven. The F1 driver, who missed out on becoming World Champion by just one point, will earn an estimated £10million next season. Lewis, 22, has rented a £3,000-a-month apartment next to Lake Geneva, claiming he is quitting the UK due to intrusions in his personal life. But he will avoid the UK's 40 per cent tax - paying just £180,000 to the Swiss state of Vaud where foreigners pay five times their annual rent. The sports star, who will be living just 25 miles away from former McLaren rival Fernando Alonso, said: "I love England and I'm happy to pay tax if I live there. Money isn't a decider - the quality of life is."