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Sunday, August 05, 2012

Repeal the Hollywood tax cuts!

Glenn Reynolds makes an amazingly good suggestion.

There's an old joke about a boy who complains to his mother that his little sister keeps pulling his hair.


"Oh," responds the mother, "she doesn't know that it hurts."


A few minutes later, the mother hears the girl scream and runs into the other room. "She knows now," the boy explains.


There's a lesson for Republicans in that old joke, if they're smart enough to absorb it.


Here are a few for starters:
  • Restore the 20 percent excise tax on motion picture theater gross revenues (and end the accounting practices that allow movies that make their producers and actors wealthy while showing a "loss" for tax purposes). 
  • Require foundations to spend at least 10 percent of their endowment each year, ending the ability of Leftist administrators to influence the culture tax free forever.
  • Limits on the charitable deductions. to a $50 million lifetime limit and a $5 million annual limit. Why should fat cats like Warren Buffett and Bill Gates be able to get millions in tax deductions that average Americans can't?
  • Capping the mortgage interest deduction to houses worth over $250,000.  Hit residents of big cities like San Francisco and New York harder?  That's not a bug, it's a feature.
Those are only a few of the suggestion made by mild mannered law professor Glenn Reynolds. 

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