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Hollywood backs higher taxes, tax breaks for films

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    Elizabeth MacDonald reports from New York

  • Duration 2:28
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Some of the biggest names on last night's red carpet are also big supporters of the president and his call for higher taxes.

And wealthier Americans and turns out some of these big stars and supporters the president is tax plans.

Are huge beneficiaries.

And tens of millions dollars in tax breaks for their movies Elizabeth MacDonald is at the box.

There's never been taking a closer look at this a -- which movies are getting these tax breaks.

-- it's good to beauty Jenna -- link and silver linings playbook.

Basically jango unchained.

This is data coming out of the government accountability institute it says that -- and -- for example.

Is seeking eight and a half million dollars in tax breaks from the state of Louisiana.

-- I -- six point two million from the state of California.

Silver linings playbook five point six million dollars in the state of Pennsylvania and Lincoln three half million.

Up in the state of Virginia so overall about one and a half billion dollars in tax breaks go to Hollywood.

Another about four -- thirty million dollars in tax breaks came out of the fiscal cliff deal for Hollywood.

So the issue is -- -- are basically -- a lot of money to Hollywood not just in ticket prices is also taxpayer paid for subsidies for Hollywood.

And the thing is a lot of states are saying hey wait a second this money Jenin may not be worth -- giving these taxpayer money.

To Hollywood productions because it basically funds temporary workers who come in from out of state.

And then -- -- production though is over the workers many of them got back on jobless benefits for unemployment so.

There's a positive and negative side to this story -- that -- did digging into your Fox Business.

Did you plan as it is both federal tax breaks and state tax breaks so it's it's dot -- the federal government that's handing out.

These these tax breaks for the movies right.

Yeah that's right -- and infected at the state level.

I've -- back at beginning of the last decade only five states are giving tax breaks a Hollywood.

Now some -- like forty to 45 states are doing so so you know the thinking is it creates jobs in the home state it's great for the State's public image.

But Missouri and Michigan and look -- a second look and other states saying hey maybe it's not worth the funding for Hollywood.

Because it's only a temporary -- in those jobs go away and then you know oftentimes workers go back on unemployment benefits.

So you know there's there's a positive and negative to this story and it's interesting that.

We see these movies are getting state tax breaks occurring to the government accountability institute back dancing -- thank you sir.

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