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.
RIAA and BSA's Favorite Lawyers Taking Top Department of Justice Posts (Gizmodo Thu Feb 5 2009 Jesus Diaz)
Obama DOJ Sides With RIAA (slashdot.org March 22, 2009)
News papers these days serve as propaganda arms for the socialist/communist. They ought to be illegal rather than rewarded. But, being they're not, we should just let them die off by themselves for the sake of our Republic.
...and contributions to papers would be tax deductible.
Newspapers should be taxed at 90 percent.
The insanity of the left wing lunatics.
Aww dang, you had to go and turn my sarcasm into reality...didn’t ya??!?!
Yeah, I can see the Austin - Un American Ultra - Liberal Longhorn, Non - Statesman doing that. When hell freezes over.
gag
The Democrats own the media. And Hollywood owns the Democrats.
If nonprofits are supposed to be politically neutral and not lobby does this mean the NYT would change there reporting?
Here comes the bailout of the socialist propaganda mills.
Wouldn't the correct phrase be "that there reporting?"
I am not opposed to this but I find it funny that suddenly it is a good idea to cut taxes...I wonder why this does not seem to be a good idea with everything...If Newspapers can recover due to a tax savings...wouldn’t everything???? I don’t get it.
'Course, I might be swayed if the legislation included the same status for 2nd Amendment rights organizations...
This is political humor, right?
If it isn’t, it should be.
501(c)(3) organizations are specifically banned from political activity. Of course, supporting the left is not “political.” /s/
I’m losing my shorts personally, perhaps I should incorporate and apply under a BVDw34jockey enactment for relief.
We know how balanced public radio and TV are. Of course the MSN is already liberal so I guess not much is lost. However I do not like the precedent.
Maybe they can recommend bringing back the “Edsel”. They had a business model also !! How about 8 track tapes ??
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