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And The Winner Is...The Hollywood Elite

Posted By Rory Cooper On January 27, 2009 @ 5:46 pm In Ongoing Priorities | Comments Disabled

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Just in time for the Oscars, the Pelosi-Reid-Obama Debt Plan has tabulated the results, opened the envelope, and announced the winner is…wealthy Hollywood donors. An idea so far fetched, it could only have been produced in the late hours following the Golden Globes.  $246 million has been earmarked in tax breaks for movie studios that want to purchase film equipment, such as movie cameras and film.

According to National Journal [1], the tax breaks would enable companies to write off the cost of 50 percent of equipment for Hollywood blockbuster movies.  Companies that use this new tax break would be ineligible for another incentive which allows production companies to deduct 100% of production costs up to $15 million. 

Tax breaks are always welcome in the debate on how to ‘stimulate’ our economy, but in this case select lobbyists and Members of Congress are picking winners and losers in this Debt Plan and wealthy Hollywood executives are the only ones benefitting. The 2001 and 2003 tax cuts for all Americans need to be extended and the Marginal Tax Rates for individuals and businesses need to be reduced by 10% to create new jobs. With more people working and keeping more of their paychecks, more people can afford to go to the movies, and that’s a script we can all enjoy.

Best Picture Nominees Are:

Stimulus Millionaires
The Curious Case of Trillion Dollar Spending
Growing/Debt
The Reader (About the one person who was able to read all 1,000 pages of spending)

Best Actor and Actress: Harry Reid and Nancy Pelosi, for continuing to convince America that we can spend our way to prosperity.


Article printed from The Foundry: Conservative Policy News from The Heritage Foundation: http://blog.heritage.org

URL to article: http://blog.heritage.org/2009/01/27/and-the-winner-isthe-hollywood-elite/

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[1] National Journal: http://www.nationaljournal.com/congressdaily/cda_20090127_9337.php

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