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Hollywood Millionaires Look to Cash In on Trump's Tax Plan

Craig Bannister
By Craig Bannister | May 11, 2017 | 5:09 PM EDT

Hollywood's richest shop on Rodeo Drive.

Despite their contempt for All Things Trump, Hollywood big wigs stand to profit nicely from the president’s proposed tax law changes, an entertainment industry publication reported Wednesday.

“If Donald Trump gets his way on tax reform, Hollywood actors, directors, and writers stand to be among the biggest beneficiaries,” The Hollywood Reporter explains in "How Hollywood Wins in Trump's Proposed Tax Plan: "This Is Huge."

To cash in, many high-income actors and entertainment professionals will need to have mini-corporations – and many already do:

“If Trump succeeds, many folks may aim to establish mini-corporations for themselves to get their taxes down to 15 percent.

“Guess what? Many in Hollywood are largely set up already thanks to “loan-out” corporations that contract out services like acting and directing to production studios.”

Hollywood having Donald Trump to thank for fattening their wallets is rich, Robert Strauss, an attorney at Weinstock Manion who advises high net worth individuals, notes:

“It’s kind of ironic that the one group who stands the most advantage from all of this is the very group that's most vocally opposed to Trump.”

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