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February 20, 2009

Hubris – Governator Cuts Taxes For Friends, Raises The Rest

by Brad Warbiany

$42B in budget shortfalls. A new budget raising taxes statewide by $12B. Is this a good time for a giveaway to the entertainment industry?

Gov. Arnold Schwarzenegger, a former movie actor, has been trying for years to get tax credits to keep California’s signature industry at home.

He got his wish early Thursday when the Legislature approved tax credits for film and television productions as part of an economic stimulus provision of the new state budget.

The credits — capped at $500 million over five years — are modest compared with those offered by other states.

I don’t have to tell readers here that I’m anti-tax. I don’t have to tell you that I’m almost universally for lower taxes, whenever and wherever I can get them. I further applaud tax reductions that I don’t necessarily get to take, because I know that if I could get those like that for myself, I would be very happy to take advantage of them.

But after all that, I can’t help but find myself enraged by this bullshit. They’re slapping new income and sales taxes on me (thankfully I think we dodged the alcohol tax increase), while offering $500M in tax credits to the MOVIE INDUSTRY?! Time for another recall.

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  • http://www.orderhotlunch.com Jeff Molby

    It’s a response to our incentives in Michigan.

    http://www.usatoday.com/life/movies/news/2009-02-03-michigan-studios_N.htm

    I hate this kind of tax cut. It does nothing to lower the overall size of government; it just ends up being a tit-for-tat then does little more than complicate the tax code and provide special treatment for certain industries.

  • trumpetbob15

    I always laugh when I hear about these tax breaks cause these are the same concept as “Reagonomics” that big government folks like to say doesn’t work?

    By the way Jeff, we in Michigan have to offer tax breaks so we can convince Tim Allen and Jeff Daniels to come back and record propeganda pieces hoping people will choose to vacation in Michigan; well, when they decide not to take up all the other states using the same marketing scheme.

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