Ron Paul and Libertarian Republicans: YOU just got yourself a CONVERT!!! Everything he says in his book is true!!!!
"Rich stars pocket subsidies, state says; Report fuels debate on tax incentives to lure film industry"
"by Todd Wallack, Globe Staff | May 21, 2008
When Governor Deval Patrick signed legislation a year ago to expand state tax subsidies for the film industry, he predicted it would help lure new movies to Massachusetts and pump millions of dollars into the economy.
But a new government study suggests much of the money will go to high-paid Hollywood actors, raising questions about the value of the incentives.
The analysis by the Department of Revenue this week estimated that at least half the film-industry payroll spending will go to out-of-town residents, mainly actors, directors, and producers commanding salaries of more than $1 million each. The Revenue Department assumes they will spend only a fraction of their paychecks in Massachusetts, limiting the benefits to the local economy.
"It's not the best use of taxpayers' money," said Representative Steven D'Amico, Democrat of Seekonk, who requested the study. "I don't think it's good business to be subsidizing the salaries of rich movie stars."
That's right, Massachusetts residents.
That is YOUR $$$$ going to RICH MOVIE STARS!!!!
Though the report didn't name individuals, dozens of movie stars have come to Massachusetts to make movies in the past couple years, including Sandra Bullock, Kate Hudson, and Kevin Spacey.
The Revenue Department noted its analysis is consistent with a 2005 report on Louisiana's film tax subsidies, which estimated 60 percent of spending eligible for tax credits would go out-of-state. And when The Providence Journal reviewed records for a Wesley Snipes film subsidized by Rhode Island, it found just $1.9 million of the $11 million in production expenses went to local residents and vendors - less than the $2.65 million in tax credits issued to support the 2006 movie, "Hard Luck."
The Revenue Department declined a Globe request for access to similar records for Massachusetts productions, saying the documents are considered confidential under state law, like tax returns. In Rhode Island, such records are deemed public.
Why? That's OUR $$$$$$!!!!!!!!!
I'd like to KNOW WHERE IT IS GOING, wouldn't you, Massachusetts resident?
Under the state's two-year-old film tax incentive program, the state offers to reimburse companies for up to one-quarter of their local production expenses in the form of tax credits, which the companies can use to reduce corporate income taxes or sell to other firms or back to the state (which has agreed to pay 90 cents for every dollar). That means taxpayers could subsidize up to one-quarter of the pay for stars. In addition, film companies do not have to pay sales tax on production expenses in Massachusetts.
Kofi Jones, a spokeswoman for the Patrick administration, said the incentives are important.
"We must keep our competitive edge so that we can create new, high-wage jobs in what is a growing industry," Jones said.
????????? We are LOSING $$$$$!! How is that GROWTH?
And WHERE are those "new, high-wage" jobs, anyway, Patrick?
They sure as hell ain't where I'm living! So sick of being LIED TO!!!!!!!!!!!!!!
Film industry lobbyists have argued the subsidies will generate enough jobs and other economic activity to eventually pay for themselves.
Yeah, it is the SAME DAMN PROMISE time and again!!!
Ron Paul is RIGHT!!!! Programs always sold as "helping people" turn out to be nothing but LOOTING SCHEMES!!!!
And here I was a LEFTY BELIEVER all these years!!! NEVER AGAIN!!!!!
A Revenue Department report in March suggested that between 2006 and the end of this year, the film industry will likely spend $545 million on productions qualifying for the incentives. Film advocates say the productions will generate hundreds of millions more in indirect spending.
You know, like maid and butler services, waitresses, things like that.
You know, the jobs that SERVICE the RICH!!!
But in this week's report, the Revenue Department found the subsidies probably wouldn't generate enough money in income taxes and other revenue to offset the cost of the incentives, forcing the state to cut other government spending.
Translation: You are getting fucked in both ends, Massachusetts resident.
How does it feel to know your hard-earned dough is subsidizing rich actors, huh?
This while foreclosures and homelessness are at record rates!!!!
Assuming $100 million a year in incentive spending, the state said it would only be able to recoup $18 million to $23 million in other tax revenue.
Still, the report also estimated subsidies could increase full-time employment in Massachusetts by between 2,388 and 5,314 jobs, assuming the state spends $100 million per year on the incentives. The Revenue Department said it hopes to come up with more accurate figures next year, when it has data from more film companies applying for incentives.
Yeah, toss that "estimated" bone at the Massachusetts' shit-eaters.
Well, at least we'll come across a hard item as we trawl the shit trough, 'eh?
Readers, are you as TIRED of the LIES and SHIT PROMISES as I am?
William Earon, managing director of Coastal Capital Advisors LLC, a Boston private equity and consulting firm that serves the film industry, said it's "premature" to analyze the impact of the incentives.
The Revenue Department "made it clear that it does not yet have enough detailed information," Earon said.
Meanwhile, the state is considering a bill to subsidize up to 20 percent of the construction costs of film studios in Massachusetts, which could help lure even more films to Massachusetts. Members of the Joint Committee on Revenue are slated to vote on the bill via e-mail by this afternoon."
So what, we can THROW MORE $$$$ at RICH PEOPLES' FEET? Pfffffffttt!
Ron Paul is right; once a program or benefit makes it into law, it is ALMOST IMPOSSIBLE to keep it from expanding -- despite the LOSS of REVENUE!!!!
Of course, as you read these next articles that have to with YOU and YOUR TROUBLES, readers, remember that NOT EVERYONE is hurting!
"April wholesale inflation slows but rising prices kindle worry""by Associated Press | May 21, 2008
WASHINGTON - Wholesale inflation slowed in April following a big jump in March, but the improvement is likely to be temporary as consumers are battered in coming months by price hikes for gasoline, food, and a host of other items.
Most worrisome of all, analysts said, were indications that surging energy and food costs were spreading to other parts of the economy, causing more widespread inflation problems....
The pressures in April came from a number of areas with the price of new cars, toys, and pharmaceutical products all showing increases. Commercial furniture prices jumped by the largest amount in 27 years.
Analysts said some of this is probably reflecting the weaker dollar, which is driving up the cost of imports.
The ROOT of all this EVIL, folks!!! Once again, RON PAUL is RIGHT!!!!
Consumers, already struggling with record higher gasoline prices and rising food bills, could now start to see price increases in these other areas as well, economists said, noting that the price of products at earlier stages of production showed even bigger increases in April.
"We can see a steady spreading of wholesale price increases into the more general economy," said Joel Naroff, chief economist at Naroff Economic Advisors...."
But let's make sure the rich get their tax breaks.
Of course, it gets worse and worse!!!
"House votes to allow US to file suit vs. OPEC"
And I love the way business articles are written.
You would think that the percentage drops in the profits meant businesses were hurting.
"Retailers Target, Saks predict weak sales in '08"
"by Associated Press | May 21, 2008
NEW YORK - For US retailers, the phrase "challenging environment" has become a shared refrain for one of the toughest quarters in decades. And merchants expect the climate to remain rough for the rest of the year as higher gas and food costs and slumping home prices weigh on shoppers.
Discount retailer Target Corp. reported yesterday that first-quarter earnings fell 8 percent on weaker-than-expected sales....
Target reported a profit of $602 million... in the three months ended May 3, down from $651 million... during the same period last year.....
Oooooh, so Target STILL MADE $600 MILLION in PROFIT in THREE MONTHS, huh?
Gee, Americans, how did you do this year?
Minneapolis-based Target said revenue rose 5 percent to $14.8 billion from $14 billion...."
Oh, REVENUES STILL ROSE, too, huh?
So what is a college graduate to do, readers?
"Professor has advice for new graduates"
Diplomas in hand, college graduates are heading off into the real world, where a daunting economy and sluggish job market await. Randall K. Bartlett, a Smith College economics professor who teaches in the college's Women and Financial Independence program, said recent graduates need to make a concerted effort to manage their finances well as they enter postcollege life.
Bad decisions now could haunt the graduates for years to come, he said.
Or anyone else for that matter, right?
I wish this government hadn't invaded Iraq and WASTED TRILLIONS then!!!
"Money comes in hard and goes out easy," Bartlett said. "How you plan your finances now can have huge ramifications on how your life will play out."
Or an occupation, right, kids?
To help grads along their way, he recently provided a few thoughts on the economic climate and some tips on getting a financial life:
Explore ways to consolidate student loans and tailor payments to income. Most important, avoid running up credit card debt. With credit card interest rates typically hovering between 16 percent and 20 percent, even relatively small balances can lead to large interest charges over time.With an unemployment rate of just over 5 percent, most graduates should be able to find a job, although it might not be their dream job.
But, but, but... what about all those HIGH-TECH, HIGH-WAGE JOBS they were PROMISED?!
Going to be working at Target, huh, kiddo?
Well, there is ALWAYS the MILITARY, kiddos!!!!
Students should cast a wide net, apply for a range of positions, and keep an open mind about relocating.
You will need health insurance, despite its high cost. Plans are available with high deductibles that only cover catastrophes and may be attractive to young graduates. "Don't go without some kind of healthcare," Bartlett said. "It's a very high risk. With today's prices, one unfortunate accident or malady can turn into years or decades of medical debt."
That's why we have a national health care plan like all the other industrialized... oh, sorry, kid, you got a fucking on that one, too!!!
Don't lose touch with your college roommates. If you were comfortable living with them before, it may be financially beneficial to do so again.
What if you weren't?
"For most recent graduates, the way to make housing in the most expensive cities possible is to recognize that you will need to find others to share the cost," he said.
Did we ever sell the kids a shit society or what?
Starting a long-term investment program, however modest, at a young age can pay massive dividends.
"If students invest even a tiny amount regularly and let it build for 30 or 40 years, the payoff by the time they're at retirement age will be astronomical."
Yeah, put every penny into the stiock market!! HA!!!!
I'm tired of being sold this BILL of BULLSHIT, aren't you, Americans?
Also see: Are commodity traders bidding up food, fuel prices?
"Okay, so let me see if I have this. These people don't actually grow the food or drill the oil, they don't build the farms or refineries, they don't stock the grocery shelves or pump gas into your car ... so how is it THEY are getting rich while the rest of us are being driven into poverty?" -- Mike Rivero of What Really Happened
