How the Tax Code Perpetuates Hip Hop Blingdom
by David Downs for plenti.com
That crazy new Lil Wayne video you just on Youtube: yeah, that’s a write-off.
The culture of hip hop blingdom – with its diamond-studded videos, spectacular tours, and pimped out cribs – is perpetuated by the whitest homie on the block: Uncle Sam.
According to certified professional accountants, the tax code itself perpetuates hip hop blingdom and may be responsible for its rise. The reason is simple: businesses are allowed to deduct certain business expenses from the amount they owe to the government every year. Since hip hop has made bling part of its business, they can write off the blingdom as a cost of doing work.
According to CPA Jerry Catalano [http://www.themusiccpa.com/] – who has spent decades representing recording artists – musicians can deduct business expenses so long as they are “ordinary and necessary.” But if you’re 50 Cent, define “ordinary and necessary”? That Rolex on 50′s wrist could well be considered an expense of maintaining his “brand,” especially if he only wears that watch on-stage.
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