Businessglobal-economy
Hollywood Unions Warn of 25-Year Decline in U.S. Production
A coalition of prominent Hollywood unions has released a comprehensive report detailing a dramatic 25-year decline in the United States' market share for film and television production. While overall industry spending has grown massively, a significantly smaller percentage of these budgets is now spent domestically. The findings arrive as Congress weighs a potential federal production incentive of 20% to 30% to revitalize the local entertainment industry. Supporters of the legislation argue that domestic jobs must be protected against aggressive foreign tax credits and subsidies offered by countries like the U.K. and Canada.