Wednesday, January 2, 2013

Hollywood Clears the Fiscal Cliff



Remember all of the swanky Hollywood types who demanded a tax increase?  They practically begged the I.R.S. to confiscate their wealth.  Forget the fact that they can donate as much money their bleeding heart desires to the federal government.  There’s nothing to stop them, except of course their accountant and legions of financial advisors.
What is really galling about these limousine liberals is their outright hypocrisy.  One of the few industries that cleared the fiscal cliff is the film industry. 

The original tax incentive applied to productions costing less than $15 million to make ($20 million in low-income areas). The 2008 extension applies to all films, up to a deduction of $15 million (or $20 million in low-income areas). The incentive is especially generous to television series; it applies to each TV episode.
Not only do these glamour queens (I’m referring to the males as well) get a federal tax break, they also raid individual State coffers.  Here is an excerpt from a North Carolina Economic Development website:

Make the most of your production dollars by spending them in Western North Carolina. The State of North Carolina launched an attractive new Film Incentive Program in 2010. Production companies that spend at least $250,000 in North Carolina are eligible to receive a refundable tax credit of 25% of in-state spending for labor, goods and services.

Eligible film productions include feature films, direct-to-video, episodic television series, movies of the week, television mini-series, reality television, commercials, documentaries, animation productions, and webisodes. Details about the refundable tax credit, procedures, and other incentives in North Carolina are available from the North Carolina Film Office.
Instead of rolling out the red carpet on Oscar night, maybe we should have these actors strolling across the taxpayers.  After all, these snobbish elites are already walking all over us.   


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