Movie production credits – crony capitalism that attracts few jobs
Just in time for the Oscars….
Writing in the Wall Street Journal, Glenn Reynolds explains The Hollywood Tax Story They Won’t Tell at the Oscars.
He points out that about $1.5 billion, yes billion, goes to the movie industry as credits, exemptions, grants, and fee waivers to bring movie production to a certain state or city.
With 45 states in the game, all that does is move some amount of spending from one high-bidding place to a higher-bidding place.
The amounts tend to be less than the subsidies: (more…)