Senate Kills Obama's $246 Million Hollywood Tax Cut

The US Senate voted 52-45 to remove a provision from President Obama’s stimulus bill that would have allowed TV and film producers to write off half their production costs. Estimates peg the total tax savings at around $246 million over 11 years.

Republicans portrayed the cut as the Obama’s effort to repay Hollywood friends for their generosity during his campaign.

“This isn’t stimulus. This is a gift,” said Sen. Tom Coburn, a Republican from Okalahoma, who proposed an amendment to remove the cut from the stimulus bill.

“It’s not going to stimulate the economy at all,” he said. “What it’s going to do is line the pockets of very wealthy individuals already not experiencing the downside of the economy.”

Oh, the irony of a Republican fighting tax cuts for the wealthy.

Thirteen Democrats joined Republicans to vote for Senator Coburn’s amendment.

Photo: kimberlyfaye

 

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