With many U.S. newspapers struggling to survive, a Democratic senator on Tuesday introduced a bill to help them by allowing newspaper companies to restructure as nonprofits with a variety of tax breaks.
“This may not be the optimal choice for some major newspapers or corporate media chains but it should be an option for many newspapers that are struggling to stay afloat,” said Senator Benjamin Cardin.
A Cardin spokesman said the bill had yet to attract any co-sponsors, but had sparked plenty of interest within the media, which has seen plunging revenues and many journalist layoffs.
Cardin’s Newspaper Revitalization Act would allow newspapers to operate as nonprofits for educational purposes under the U.S. tax code, giving them a similar status to public broadcasting companies.
Under this arrangement, newspapers would still be free to report on all issues, including political campaigns. But they would be prohibited from making political endorsements.
Advertising and subscription revenue would be tax exempt, and contributions to support news coverage or operations could be tax deductible.
Because newspaper profits have been falling in recent years, “no substantial loss of federal revenue” was expected under the legislation, Cardin’s office said in a statement.
Yea…no loss of federal revenue, but a gain in federal manipulation of media.
I find it ironic that now liberals want to allow newspapers to operate as tax-exempt/non-profit, while attempting, to invoke a 90% tax on CEO pay of businesses?
The government hooks will be firmly entrenched into any business they deem “non-profit” especially if that entity is in the business of expressing a particular viewpoint.
As an example, homosexuality is a sin according to the Bible. But many Christian churches today are sometimes reluctant to speak out against homosexuality, as an example, because they may lose their tax-exempt status from a big, bad government that wants to keep the moral topics shut down as much as possible. The same churches are bullied encouraged NOT to speak out about politics and issues of the day since they are “non-profit/tax exempt”.
Can anyone honestly believe that the tax-exempt/non-profit newspapers will be anything but further in the liberal tank ? ie. “Don’t write any unappealing facts about The One for fear of losing our exempt status”, says the non-profit fish wrap from Big City, USA .
What a crock ….. let them fail….they dug their own non-objective grave, let them lie in it.
Filed under: Barack HUSSEIN Obama, Free Speech, Liberalism, Media Bias, Nutroots, Politics, Progressives Ain't, Socialism, Taxes | Tagged: bailing out newspapers, congress proposing to bailout newspapers, liberal bias, New York Times, non-profit newspapers, print newspapers, Seattle, SF Chronicle, tax-exempt newspapers |