Gov. Newsom’s $750M Gift to Hollywood Donors
Ben Affleck recently complained that California “came to take this industry for granted a little bit.” By that the movie star meant that the state wasn't funding it enough, but that's not for lack of California officials trying. California has a $68 billion deficit, and Gov. Newsom is proposing $375 million in budget cuts for the California State University system, $68 million in cuts for wildfire prevention (even as LA is recovering from the worst fires in history) and doubling Hollywood’s tax credits to $750 million Hollywood, which already benefits from $350 million in breaks, will get $750 million in tax credits even as money is being cut from education, public safety and even wildfire prevention. The entertainment industry would be able to recoup up to 35% of their spending, up from the current 20%, and the subsidies would cover everything from sitcoms to reality shows. The California Production Coalition, whose members include the umbrella trade group for Disney, Amazon,...