When Vice President-Elect Mike Pence went to the theater to see a performance of “Hamilton” he got booed by some members of the audience and then received a lecture in diversity by one of the cast members at the end of the performance. The incident created a firestorm on social media and cable news over what many perceive to be the rudeness of the way Pence was treated. During a performance of the play in Chicago, a pro-Trump audience members started a profanity laced rant and had to be led away by security. Pence, for his part, expressed bemusement, suggesting that what he had heard was freedom. However, congressional Republicans may be prepared to get the last laugh concerning a tax write off for #Broadway performances, according to BizPac.
Tucked into the tax code a provision exists that allows investors in Broadway plays to not pay taxes on production during their first year. That means that people who front the money for events such as “Hamilton” will only pay taxes after they turn a profit. Four out of five plays do not pay out their startup costs, making the tax break very desirable. The provision was inserted into the code on behalf of New York Senator Chuck Schumer. The break was a tax cut for the rich that the liberal Democrat was in favor of.
Now that #Donald Trump has been elected president and Republicans control both houses of Congress, the GOP is setting out to reform the tax code. The idea is to make federal taxes simpler and fairer, cutting out special breaks such as the Broadway play provision, which benefits rich investors and well to do theatergoers willing to shell out a lot of money to watch musicals. People in flyover country, who will likely never get to see a Broadway play, are bearing the burden. Cutting out the provision will be a no brainer for Republicans as a way to show that they are the party of the ordinary people and not the very wealthy. Getting revenge against egotistical actors would be just a happy side effect from their standpoint. #Republican