Analysis : Hollywood celebrities support higher taxes

Hollywood celebrities supporting higher taxes

Steven Spielberg (Copyright Thames and Hudson)

Hollywood has played a big role in this year’s elections and with many celebrity names backing Mitt Romney and Barack Obama, both candidates have had a strong base of support.

However, looking at the recent televised debates between Obama and Romney, Biden and Ryan, a higher tax on the wealthy has been an important campaign topic.

One negative argument is that higher taxes on people in the top earning income bracket will not help stimulate the economy directly. Another, is that higher taxes on the richest Americans would curb investment in small and big business as people cut back.

On the other side of that argument; higher taxes on top earners would reduce the deficit and help pay for middle class tax cuts and stimulate the economy. This would give people breathing space on mortgages and credit payments. It would also allow middle class families to have more spending power which in return would create jobs.

Both candidates have a different approach when it comes to taxes on the wealthy. Looking at how Hollywood is voting, there is a strong support for tax increases among its top earners.

Check out our list of celebrity supporters for Obama and Romney.

This support can be seen by analysing the large group of celebrities who fall into that $1 million-a-year income bracket, and looking at who they are voting for. A long list of these big Hollywood names support Obama, who wants to increase taxes on the wealthy, rather than cut back. While this is one example of support amongst high earners, it may not be an accurate measuring tool for the entire nation’s way of thinking on the tax issue. However, with that said, Hollywood campaigners have been generally supportive of it, in what i’ve seen so far.

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