Not entirely accurate, the Vast Majority of Profits to Hollywood come from OVERSEAS and the IRS does not Tax it at all because they keep it off shore in the Grand Caymans. Just like GE.
RE: Vast Majority of Profits to Hollywood come from OVERSEAS and the IRS does not Tax it at all because they keep it off shore in the Grand Caymans
I’m talking about INDIVIDUAL INCOME.
Say you are an immigrant from Hongkong. Before coming to the USA, you ALREADY own property in HK and rented them out. Now that you’ve come to the USA, you decide to start a business here. You do well.
By US Tax law, YOU WILL BE TAXED, not only on the income you make from your business here But also the income you make on the RENTALS in Hongkong, even when the USA had nothing to do with the rentals you own overseas.
I can’t think of any other country that does that.