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Posted on 03/24/2009 12:47:27 PM PDT by Red Steel
CHICAGO Newspapers perform a public service for democracy and should be allowed to operate as tax-exempt non-profits, U.S. Sen. Benjamin Cardin, D.-Md., proposed Tuesday.
Cardin introduced a bill that would explicitly include newspapers among organizations eligible for 501(c)(3) status. The non-profit status is the same that public radio and television have now.
The legislation would give a national green light for newspapers to adopt the so-called Low Profit Limited Liability Company business model, often shortened to L3C.
The L3C model, which the Newspaper Guild supports as an alternative newspaper ownership model, is the subject of a feature story in the current print issue of Editor & Publisher.
Under Cardin's legislation, newspaper revenue would be tax-exempt, and contributions to papers would be tax deductible. The status would also allow non-profits to invest in newspapers, something that is forbidden now.
Cardin said action is needed to help preserve local newspapers.
"We are losing our newspaper industry," Cardin said in a statement. "The economy has caused an immediate problem, but the business model for newspapers, based on circulation and advertising revenue, is broken, and that is a real tragedy for communities across the nation and for our democracy."
The Associated Press quoted him as saying on the Senate floor, "As local papers are closing, we're losing a valuable tradition in America -- critically important to our communities, critically important to our democracy."
Newspapers that accept non-profit status would not be allowed to endorse candidates, but they could cover political news just as they do now, Cardin said.
Thereby solidifying CPB's position for all eternity.
Hey, we have a Nationalized banking system and will soon have a Government run automotive manufacturing industry...why not have Government run newspapers? They're all in the tank for the Left anyway and with elections corrupted beyond reason and the Census being diddled with and a permanent 51% majority voting block consisting of Welfare recipients, the Dems will be in power for ever.
We're done. Stick a fork in the USA. The oven timer just went off.
Start looking for good deals on houses in the Bahamas. This country ain't gonna be fit to live in anymore.
When does Rush Limbaugh become tax exempt? He’s done far more service to the country!
hmmm several posters have mockingly used “State Run Media” vs MSM.....ugh its all their fault
Newspapers should be heavily taxed for polluting the environment.
a joke. a very scary one.
Wait... are they admitting that corporate taxes are an excessive burden that drives companies out of business?
“We are losing our newspaper industry,” Cardin said in a statement...”
No. We are throwing it away because it’s written by traitors.... for traitors.
There is no longer news in newspapers.
Rush Limbaugh's radio show has done more for democracy by giving some on the Right "equal time" to Big Media's Democrat controlled monopoly on "the news".
We need to claw back their profits for the last 25 years.
Isvestia would work if they make 2 for competition. It would also make the old joke work. There is no truth in Pravda, there is no news in Isvestia.
Certainly that ink can't be good for the vernal pools of water. And think of the trees that are destroyed just to produce one days worth of newspapers in this country.
No to mention the carbon output by the energy used to run the presses and the gasoline burned to distribute the newspapers to every home.
I think this is truly an enviromental disaster in the making. I am recommending that we eliminate or have a quota on newpaper reporters. They seem to be causing all of this evil polution by their very existance.
I thought it was patriotic to pay your taxes, according to Uncle Joe Biden.
Then again, when have American newspapers been patriotic since FDR died?
maybe we should also give tax exempt status to horse and buggies or companies that make rotary phones.
Beware the media/political complex. /ike
Every website in the country should call themselves an online “newspaper.”
As many Freepers pointed out, since newspapers are losing money, they are not paying corporate income taxes anyway. I guess the benefit to them of being “nonprofit” would be that “philanthropists” would get tax deductions for “donations” to the newspapers. I use quotes because buying a newspaper would be an inexpensive way to gain influence over politicians. I bet this explains why Mexican billionaire Carlos Slim has invested in the New York Times.
Talk Radio too. Let Rush make money tax free! Exempt his Fla compound from real estate taxes. LOL
Tax exemption doesn’t help if you don’t make a profit...
There’s real estate taxes to consider also.
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