Here is an interesting idea on how to decrease the deficit, raise taxes on Hollywood. This seems appropriate since entertainers are always talking about the need to make the 1% pay their fair share. Since many actors are part of the 1% it’s only fair that they pay more, right? No doubt they will be happy to do so.
Today, Hollywood is a playground for Democratic fundraisers and Obama has found that Hollywood remains loyal to his vision and re-election. While those on Wall Street are having second thought about the guy they helped put in the White House, there are no second thoughts among Hollywood elites.
Instapundit Glen Reynolds made the suggestion that if we are going to raise taxes to cut the deficits, why not start with a 20% excise tax on the film industry? Since many of these Hollywood stars and producers are forever telling us how we need tax increases to help close the deficits, why not let Hollywood lead the way? The tax, which was imposed on the gross income and not the net, took a 20% hit off any Hollywood bottom line and can you imagine how much a major star can contribute with a 20% tax on a gross income on one of those 10 to 20 million dollar salaries for a single movie?
Let face it, much of Hollywood may talk of the down trodden, but the reality is Hollywood is the home of the 1%. So if the Hollywood 1% are going to help elect the most leftist President, then let them lead by sacrificing the first 20% of their gross income!. As Glen Reynolds argued, tax the Hollywood 1%. Or at least let them squirm. Who knows, maybe George Lucas or Steven Spielberg might just produce their own film defending supply side economics if they are faced with the idea that the first 20% of their income will go to the government even before they even cash that big eight or nine figure check!
Well, Jon Lovitz criticized Obama over his plans to raise taxes on the rich. He is even not so sure he is a Liberal. Maybe an excise tax might turn some of the people in Hollywood into Conservatives, or at least Libertarians.
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