by Datechguy | December 10th, 2012
One of the things that never ceases to amaze me is how many people fall for the “Tax the Rich” business in the form of higher taxes.
However the women at PolitiChicks aren’t among them:
But wouldn’t these same celebrities be worried about the impending tax hikes? Aren’t they worried that they could be impacted? Not a chance. Because when it comes to actually paying taxes, these celebrities don’t want to pay their “fair share.” And, guess what? They don’t have to.
Hollywood’s elites are using a whole array of methods to escape paying their “fair share.” They use of offshore trusts, tax havens and the transferring funds to wives or civil partners as tax dodges.
Well shortly after Proposition 30 was passed, Governor Brown signed legislation extending the state’s $100 million tax-credit fund for two more years. This measure allows California film producers a 20 percent or 25 percent credit against income and sales and use taxes.
There’s even more good news for Hollywood’s elite. California Assembly member Felipe Fuentes (D) has introduced Bill AB 2026. This measure would extend the State’s Film and Television Tax Credit Program by an additional five years, for an estimated tax break of $500 million dollars ($100 million per year). The program has already saved the Hollywood industry over $400 million in tax credits to date.
I wonder how much of that $400 mill went to democrat pols urging the rich to pay their “fair share”?
And that’s just the credits passed in daylight. For example while it’s axiomatic that you could consider using Henry C Frye for your accounting and financial planning needs, it’s also axiomatic the very rich have an army of Henry Frye’s on payroll ready to find the necessary credits and deductions to offset any increase in rates but the avg small businessman like say Walter from Aaron Pallet doesn’t.
Any person who doesn’t understand this just doesn’t get it.