Tuesday, January 09, 2018
How Trump's Tax Bill Will Screw the (Starving) Artist
www.clydefitchreport.com: Less in the press, unfortunately, is how another area of both political and civic life — arts, culture and entertainment — will suffer the unforgiving brunt of this bill. From art collectors to starving, lowly actors, the bad-for-everyone bill has massive implications for the arts world. Well, except for the wealthiest among us.
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It’s the first time I have heard the term used again- The gilded age. The GOP tax bill does what this article states. It creates a new gilded age for the top 1% and screws the rest of Americans out of hard earned money. Artists have always been in a tough position financially, even A List stars. Countless articles about former Hollywood heavyweights needing to file for bankruptcy because they are no longer working, are washed up, and didn’t spend their earning wisely. For working class artists and technicians, it has now become harder to survive on the small stipends and pay that we receive. It’s not that the itemized deductions for things like websites, lessons, and travel virtually went away, it’s that now, if you want to itemize those items, you’ll need to have more than 12,000.00 in deductions. For many artists, that is a sizeable chunk of income. This tax law is going to be a disaster for a majority of Artists and for Art. As the article states, sure, I could become an LLC, but then who wants to hire an LLC? An actor who becomes an LLC is less likely to get employment than an actor who can just be classified, even if briefly, as an employee. There is no tax incentive for a company to hire an LLC.
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