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2009-02-04 Home Front Economy

Finally, Democrats have found a tax-cut they can support - one that puts even more money in the pockets of Barbara Streisand, Michael Moore and the rest of their pals in Tinseltown.

Big Hollywood opened its hearts - and fat wallets - to get President Obama into the White House and give Democrats both chambers of Congress and now it's time to return the love.

A provision in the current "stimulus" bill would allow Hollywood moguls to write off half the production and filming costs of big-budget films and TV shows.

Backed by Walt Disney and the Motion Picture Association of America, the provision amounts to an estimated $246 million Hollywood tax break over 11 years.

It's the least Democrats can do for some of their richest and most generous supporters, who gave nearly $20 million in campaign contributions to Democrats during the 2008 election cycle, according to OpenSecrets.org.

Currently, only the first $15 million of production costs can be written off - a rule aimed at keeping low-budget film-makers in the U.S.

Republicans on Capitol Hill noted that Hollywood seems like an odd choice of bailout since it appears to be the one sector of the economy unaffected by the current meltdown.

Last month alone, the industry raked in a record $1 billion in box office receipts, according to industry watchers.

Posted by tipper 2009-02-04 04:28|| || Front Page|| [11132 views ] Top

#1 I'm all for the little guy film-maker to get a break. Lord knows we need a fresh infusion of ideas and some actual talent in Tinseltown.

But as for the rest of the bunch.

Fuck 'em.

Posted by DarthVader 2009-02-04 08:20|| 2009-02-04 08:20|| Front Page Top

#2 my thoughts exactly

Posted by rabid whitetail 2009-02-04 09:33|| 2009-02-04 09:33|| Front Page Top

#3 1. If you made movies people wanted to see rather than 'art' or self constructed homages to egos, you wouldn't need help.

2. For killing public domain by corrupting the original intent of American copyright to the pre-Revolutionary inheritable functional grant of royal patents, die if you can't live on that.

Posted by Procopius2k 2009-02-04 10:10|| 2009-02-04 10:10|| Front Page Top

#4 It got voted out!

The motion picture industry's record-setting month at the box office may have cost it $246 million in tax breaks, as the Senate on Tuesday stripped a provision from the economic stimulus bill that critics derided as an unnecessary Hollywood bailout.

In denying the tax breaks on new film projects, senators cited the $1.03-billion haul from movie ticket sales in January, a 19% year-over-year increase, according to industry tracking firm Media by Numbers.

"They had their best January ever," said Sen. Tom Coburn (R-Okla.), who led the charge against the tax breaks.

But the arguments of Coburn and Sen. John McCain (R-Ariz.), punctuated by January's surprising box-office figures, proved persuasive. The Senate voted 52 to 45 to remove the provision -- 13 Democrats and one independent, Sen. Joe Lieberman of Connecticut, joined with 38 Republicans to pass Coburn's amendment removing the studios' tax breaks from the legislation.

Posted by Sherry 2009-02-04 10:40|| 2009-02-04 10:40|| Front Page Top

#5 That's right. What we need is more movies. That's get this country moving again.

Posted by Richard of Oregon 2009-02-04 11:16|| 2009-02-04 11:16|| Front Page Top

#6 So, what you're saying Sherry is that while the Academy snubbed old Clint on Gran Torino, Clint's movie gets to torpedo Hollyweird's chance at "mor' money, mor' money!". Revenge is a dish best served cold.

Posted by Procopius2k 2009-02-04 11:20|| 2009-02-04 11:20|| Front Page Top

#7 "Clint's movie gets to torpedo Hollyweird's chance at "mor' money, mor' money!"."

Works for me, P2k. :-D

Posted by Barbara Skolaut">Barbara Skolaut 2009-02-04 11:23|| http://ariellestjohndesigns.com/]">[http://ariellestjohndesigns.com/] 2009-02-04 11:23|| Front Page Top

#8 Saw a report on TV news to the effect that entertainment is recession proof. It seems that when times are tough people are eager to be distracted.

But I don't go much anymore because it seems like they produce way too many moron movies and too much smut.

I have a serious problem if donks wanna subsidize degenerate propaganda like Milk.

Posted by Ebbang Uluque6305 2009-02-04 13:13|| 2009-02-04 13:13|| Front Page Top

#9 P2k -- works for me too!

Posted by Sherry 2009-02-04 13:31|| 2009-02-04 13:31|| Front Page Top

#10 So, what you're saying Sherry is that while the Academy snubbed old Clint on Gran Torino, Clint's movie gets to torpedo Hollyweird's chance at "mor' money, mor' money!". Revenge is a dish best served cold.

Couple that with

But the arguments of Coburn and Sen. John McCain (R-Ariz.), punctuated by January's surprising box-office figures, proved persuasive

No-longer presidential candidate Senator McCain gets payback on the many Hollywood bigshots who campaigned against him, too. Defeating this bill isn't just a dish of revenge, but an multi-course feast.

Posted by trailing wife ">trailing wife 2009-02-04 16:45|| 2009-02-04 16:45|| Front Page Top

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