Enough with those corrupt, taxpayer-paid bribes to Hollywood

The New York Post ^ | August 10, 2016 | 8:15pm | Michelle Malkin

[TBP]

Government officials make phony-baloney claims that their public-private “investments” will pay for themselves. But study after study, on both the progressive left and the free-market right, shows that the economy-stimulating effect of public subsidies for private corporate preferences (movies, sports stadiums, malls, hotels, you name it) is negligible.

Loan guarantees. Refundable tax credits and rebates. Tax-increment financing. Tax-exempt bonds. All these enticements dangled by thirsty bureaucrats before wealthy developers, sports team owners and Hollywood moguls who don’t need them amount to blatant redistributions of wealth.

The independent California Legislative Analyst’s Office found that for every dollar California spent on the $100 million annual film subsidy it created in 2009, the state treasury received 65 cents.

In South Carolina, film incentives returned just 19 cents in taxes for each dollar paid out in rebates. That’s “a net loss in revenues equal to 81 percent of expenditures on rebates,” as the Tax Foundation pointed out.

Maryland barely managed to recoup 6 cents on every dollar spent on its film tax-incentive program.

[TBP]

More crony socialism for rich liberals.

[Rockpile]

We have a dangerous buffoon who threatened the candidate from
Illinois in 2008.

Buffoon’s name is Joe Biden

[Wolfie]

So tax cuts don’t work?