Obama's call for shared sacrifice doesn't apply to Hollywood millionaires

A new report from the U.S. Office of the Taxpayer Advocate notes that federal tax law is now nearly 4 million words in length and the resulting complexity forces most Americans to hire professionals to do their taxes. U.S. Rep. Dave Camp, R-Mich., sums up the code as being “10 times the size of the Bible with none of the good news.”

Things may only get worse due to President Barack Obama's focus on raising taxes on “the rich.” History shows the more politicians raise rates, the more they carve out complex exemptions to benefit favored industries or causes.

Want proof? Look at the exemptions the Obama administration insisted on including in the recent tax-raising “fiscal cliff” deal. Even as Obama sought a major tax increase, Reuters reported his administration insisted on around $64 billion in tax breaks for “companies involved in wind energy, auto racing, rum, Hollywood films and much more.” Apparently Obama's call for shared sacrifice doesn't apply to Hollywood millionaires, just those who can't afford a lobbyist. (Continues)