Trump’s tax cuts may help those who hate him most: Hollywood elites
The tax overhaul will offer windfalls to producers and film financiers — especially on overseas profits — and, with clever planning, A-list celebrities too
New York — In a surprise plot twist, US President Donald Trump’s new tax law is delivering many of its juiciest benefits to his most vocal critics in Hollywood. The tax overhaul doles out windfalls to the producers and film financiers that control the entertainment industry. It slashes tax rates, especially on overseas profits that are the lifeblood of Hollywood, and changes accounting rules in a way that could attract more investment dollars to show business. With clever tax planning, A-list celebrities and directors could also benefit, especially by using a special break intended for business owners. "It is going to be very encouraging for people who risk money making movies," said Michael R Morris, a tax lawyer at Valensi Rose in Los Angeles, and a former Internal Revenue Service (IRS) trial attorney. Trump has said middle-class Americans will be the biggest beneficiaries under the GOP’s $1.5-trillion tax cut. But in Hollywood, the opposite is playing out. It’s the struggling per...
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