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.