Why not start with a 20% excise tax on the film industry? [Darleen Click]
Steven Spielberg, George Clooney and other 1%-centers of Hollywood just can’t get enough of Barry Obama and his plans to redistribute the wealth.
Well, guys and gals, time to put up or shut up. Time to lead the way or get out of the way. I mean, in the early 1950’s Hollywood continued to cheer on FDR’s 20% excise tax … right?
Tags: hollywood, obama, taxes
Hollywood discovered Laffer Curve before Laffer did. In this 22 minute film, charts and personal testimony make the case that tax reduction can lead to both economic growth and jobs. One chart compares those industries that are not burdened by the 20% excise tax with the movie industry, and showed that while the movie industry suffered losses in profits, other industries profited. The film pointed out how many towns were losing their theatres and one small business owner lamented as to how his business and others suffered since theatres closed down in his town. As he noted, his own mother would no longer come to town in the evening since the theatre was closed and with the theatre closed, there was little to attract people to downtown Main Street and spread the wealth among other businesses.
The film showed how the tax did not lead to more revenues but less as theatres closed and there were less revenue to tax. They made the supply side case that a lower tax revenue actually could produce more revenues while reviving the industry. As one individual noted, Hollywood was not asking for special treatment but an elimination of a tax that other industries did not pay. Could this be Hollywood making the case for a simpler tax system with lower rates for all? In 1953?