New York, NY—January 19, 2017—Tax rates for film and television programs and merchandise will rise from the current rate of 3.4% to 6.9%.
The proposed tax hikes will be announced in the coming weeks.
This is a significant change in the way that the entertainment industry operates.
As part of its transition to digital and the introduction of the Netflix subscription model, Netflix has been moving toward increasing its revenues by a significant amount.
It has been able to do this by taking advantage of the new revenue stream from video content and by creating and selling premium streaming video content.
This means that movies and television shows have been able pay higher taxes on their revenues.
In fact, over the past several years, the number of movies and TV shows that have been taxed at 6.99% has increased from approximately 12 million to approximately 22 million.
This year, the entertainment and sports industries are expected to bring in approximately $1.4 billion in additional revenue, and the movie industry has a $1 billion tax cut.
This change is an important milestone in the evolution of the entertainment industries tax system.
But the film and TV industry has been reluctant to embrace the changes.
As a result, the film industry has not been able adjust to the new tax rates.
The change announced today will give them the confidence that they can continue to grow and expand their businesses while avoiding the higher tax rates for films and television content that they have historically been subject to.
It also ensures that all film and cable TV productions that are eligible for a deduction will be treated the same as other productions.
The Hollywood Chamber of Commerce, the industry’s largest trade group, is urging Congress to support the tax hikes by introducing legislation that would lower the standard deduction, the standard exemption, and limit the amount of the standard child tax credit to $2,000 per child for households with incomes over $1 million.
It is also critical that the tax increases be passed in the Senate and House, and that these bills be signed by President Donald J. Trump.
These changes are expected as soon as this week.
“This is a landmark moment for the entertainment tax system,” said Joe Fogg, President and CEO of the American Society of Composers, Authors and Publishers (ASCAP).
“With this tax change, Hollywood will be able to pay their fair share, and with a reduction in their taxes they will have more money to spend on movies and the arts.”
“This change is important to Hollywood, and we thank them for standing with us,” said Steven Golin, President of the National Association of Theater Owners (NATO).
“As a result of the changes in the tax system, many of our members are finding that they no longer have to make as much as they once did to make the most of their income.”
“We are grateful to the film studios and their executives who have worked with us to make this change,” said J. Craig Zahler, President, ASCAP.
“As we move forward, we will continue to support all of our industry members, including our members of Congress, and all members of the media.”