Hollywood Probably Got the Smallest Tax Break

It didn't take long before my Facebook news feed was full of crazy Republicans crying about all the secret deals Liberals put in the fiscal cliff bill to payoff their friends.  The biggest complaint on my feed has been the $75 million/year in exemptions film makers can use to produce features.  I even had one person state that they would never watch movies again because of it.

I've read everything from this exemption costing $450 million per year to $1 billion over the next ten years.  Whatever the cost, and yes it is a cost so I'm glad Republicans are finally admitting tax breaks costs money, it's pennies compared to others contained in the bill Republicans are probably not even aware exist.

I get it though.  I truly do.  Movies are made in Hollywood (even though the bill doesn't say anything about Hollywood and movies can be made anywhere and usually are) and Hollywood is full of America-hating Liberals.  It's also full of Obama pals.  Therefore, the Liberal terrorists are merely giving their buddies all sorts of tax breaks.  It's easy to connect the dots on this one.  You don't even have to try.

But why stop with the tax breaks for movie producers?  How about we complain about the $21.5 million/year of tax breaks for NASCAR.  Yep the big bad Red State ultra conservative tough guy Republican NASCAR fans and their industry with a huge tax break costing tax payers millions.  Will my friend stop watching NASCAR now?

Does anyone think the financial sector needs anymore free money?  Then why did financial institutions like Goldman Sachs get another tax break to build luxury offices.  Last year alone Sachs enjoyed $1.6 billion in tax free bonds to build a big fancy headquarters in New York.  That's more than 10 Hollywood tax breaks combined.

How about another $9 billion in loopholes for foreign financing?  This fancy loophole allows domestic lending institutions to lend money to foreign accounts and not pay taxes on any of the interest generated.  The result is billions in free money to very wealthy corporations that donated heavily to Mitt Romney and the GOP.  How's that for paying off your friends?

Anyone that actually might care about all the crazy loopholes and buddy payoffs would give Matt Stoller's list of 8 Corporate Subsidies in the Fiscal Bill a quick read. If they do, they'll just as quickly discover that 6 of the 8 are Republican.  Don't hold your breath though.  There's not a chance Republicans will believe anything that is not on Fox News or doesn't come from their Drug Addicted Leader.

*Update:

Goldman Sachs received $12.9 billion in 2008-09 in bailout cash.  They also donated $990,639 to Mitt Romney.  And gave another million to Republican Members of Congress in this election cycle.  $1.6 billion a year in free tax money to build super fancy offices in New York is absolutely nuts.  Yet I haven't seen one single complaint on my Facebook feed.  Nope they are all worried about the $75 million combined given to anyone who makes a movie costing more than $15 million because they think it smells of Democrat fraudism.