Libertarian Party blog: Democrats plan $246 million tax break for Hollywood pals, tax hikes for others

Posted at LP.org by Donny Ferguson. Reposted to IPR by Paulie.


President Barack Obama may criticize performance bonuses for some as "shameful," but he has no shame about a quarter-billion dollar tax break for his most loyal supporters, who just announced record profits.

The New York Post reports today on a recently-discovered provision in Obama’s $1.2 trillion government spending package — a $246 million tax break for Hollywood movie studios, an healthy industry that broke records last year with $1 billion in box office receipts.

While Obama and congressional Democrats plan to raise taxes on employers by repealing tax relief granted in 2001 and 2003, they’re going along with a plan touted by the Walt Disney Corporation and the Motion Picture Association of America allowing Hollywood’s glitziest to write off half the production and filming costs of big-budget films and TV shows.  Currently only the first $15 million of production costs can be written off.

Hollywood entertainers and filmmakers poured $20 million into Democrat campaign coffers in 2008, according to OpenSecrets.org and went all-out in their support of Obama and Democrat candidates.  They have announced no such tax relief for the thousands of struggling employers in need of relief from U.S. business taxes, the second-highest in the world.

The more and more details that leak out about this $1.2 trillion spending plan make it more and more apparent the only people it stimulates are affluent California dog park users, Barbra Streisand and ACORN "community organizers."  The rest of America, who actually produce the jobs we need, are still waiting for badly needed tax relief.

5 thoughts on “Libertarian Party blog: Democrats plan $246 million tax break for Hollywood pals, tax hikes for others

  1. Tim in Ohio

    I had, in the days before the election, come to the point that I was silently hopeing for an Obama victory. At the time I thought that Obama couldnt be much worse than what we had in Bush. Now I am seriously wondering.

    The disent against Bush’s government is gone and it seems everyone is happy in the glow of their new messiah.

  2. Tim in Ohio

    I wouldnt call it optimistic.

    Economicly I knew better. I KNEW it was going to be bad. But so was W.

    At least I didnt vote for him*. Oy, would that have been a heavy load to bear.

    *Nor McCain

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