Sunday, January 19, 2014

"In the category of best tax break, the winner is..."

Now that's an Oscar category I'd love to see become reality.  And if it commenced with this year's collection of nominees, the winner would be....Wolf of Wall Street!  Check out this really cool table (ht: Instapundit) from an article from the Manhattan Institute (as always, click to enlarge):

So, the citizens of New York, even those that don't like movies, helped finance about $30 million dollars of WWS's budget.  But surely the state benefits from hosting the filming, right?  As is the case with public financing of sports stadiums, the common assumption is wrong.  From the article:
The answer is no. Similar to most targeted tax breaks, movie production incentives routinely fail to deliver on the economic promises made by their proponents. Supporters frequently claim movie incentives create jobs and lead to net gains in tax revenue. However, data from several states find movie production incentives generate less than 30 cents for every lost dollar in tax revenue.
Click here to read more about this prime example of Hollywood hypocrisy and standard type cronyism.