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Keir Starmer pins economic growth hopes on British Hollywood with new tax relief
(www.independent.co.uk)
this post was submitted on 09 Oct 2024
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Pinning your hopes on tax relief on Hollywood when Hollywood is perfectly fine pushing the absolute limit of whats legal with their finances seems as daft as his carbon capture scheme. Hollywood is quite prepared to cancel or delete even expensively made content because it will make them more money as a tax rebate than with residuals or marketing costs.
Even if they don't out right cancel it, we end up subsidising bombs like the $50m tax break wasted on Ant-Man and Wasp or $55m for Marvels that lost Disney $300m ish.
Giving them more tax rebates is also dumb because you are competing any number of other places for who can be the cheapest to work at with the largest tax breaks, its not a sustainable marketplace. Its much like the countries who offer Nike incentives to come build a factory there.