Bruce Springsteen's record-setting sale of his music catalog will save him millions in taxes every year, according to Daymond John.
As Daymond explains on Friday's"TMZ Live" ... obviously these celebs are already in the highest tax bracket, which means they'd be paying around 40% in federal taxes on their income from annual royalties.
Now those royalties go to whoever buys the catalog, and that's the true brilliance of these deals. You've gotta see Daymond's explanation, but basically, Bruce is about to cut his tax rate in half!!! There are other motivators too -- such as worldwide pandemics shutting down concerts and traditional revenue streams -- but at the end of the day, Daymond says the name of the game, for Bruce and others, is securing steady income for generations to come.
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