Sunday Reflection: Repeal the Hollywood tax cuts!
It's no coincidence that much of the Democrats' base doesn't have to worry about taxes much, either because they work for nonprofits and public entities that don't pay taxes, or because they live off government benefits, or because they work in industries -- like the motion picture and recording industries -- with a long history of shady accounting and favorable tax treatment. Republicans, if they're smart, can nonetheless teach them that tax increases do, in fact, hurt.
They should head into the next budget battle with a list of proposals for tax increases that will sting Democratic constituency groups, but which will seem eminently fair to voters.
#1
Restore the 20 percent excise tax on motion picture theater gross revenues that existed between the end of World War II and its repeal in the mid-1950s.
The movie excise tax was imposed in response to the high deficits after World War Two. Deficits are high again, and there's already historical precedent.
#2
Limit the ability of tax-exempt organizations to escape scrutiny and hoard funds
Limits on the charitable deduction might be worth considering: Perhaps a $50 million lifetime limit, which should surely be enough for anyone; perhaps a $1 million to $5 million annual limit. Why should fatcats like Warren Buffett be able to get millions in tax deductions that average Americans can't?
#3
Limit the pay of nonprofit leaders (including university presidents and foundation heads) to no more than the pay of a member of Congress or a Supreme Court justice
#4
Propose capping the mortgage interest deduction so that houses worth more than $250,000 are ineligible.
#5
In case you don't know, the National Football League (NFL), Professional Golf Association (PGA) and National Hockey League (NHL) are 501c6 non-profit tax exempt organizations. According to Sen. Coburn, there's approximately 91 million in tax funds that does not get collected from the NFL. We need to remove these exemptions as well. We should not be subsidizing sports leagues that make millions of dollars.
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