Now Government is in the Business of Bailing Out Failed Newspapers … The Cardin Newspaper Revitalization Act
Why do Democrats want to subsidize and prop up failing newspapers?
A bailout for Newspapers? Surely you can’t be serious. The Cardin Newspaper Revitalization Act would do just that. We will now waste tax payer dollars on institutions that have become obsolete. There is a reason why print news is falling by the wayside, it’s called the internet. Funny, I do not remember the Democrats trying to keep 8 track tapes in business. What could possibly be the motivation for Democrats? Could it possibly be it’s because the newspaper is their mouthpiece?
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.
Bias politically leaning newspapers will be given tax exempt status!!! Unreal. Believe it or not, things are allowed to fail, it’s called the marketplace.
State owned newspapers, SAY NO … propaganda at it’s worst.
How else could a democratic party get the propaganda out without having newspapers there to get the talking points out. As Michelle Malkin writes, and so, it has come to pass that we will now bailout failing newspapers.