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  1. #1 Senate Bill To Prop Up Failing Newsies. 
    Senate Bill Would Allow Tax-Exempt Status for Newspapers

    By Mark Fitzgerald

    Published: March 24, 2009 1:08 PM ET

    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."
    If this doesn't qualify as "stupid", I don't know what does.

    Editor & Publisher
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  2. #2  
    HR Corporate Scum patriot45's Avatar
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    Quote Originally Posted by Gingersnap View Post
    If this doesn't qualify as "stupid", I don't know what does.

    Editor & Publisher

    OUr legislators will not be happy until every living.. and dead thing is regulated and taxed to death. And they probably won't stop there either!

    Remember thier motto; If it ain't broke, fix it until it is!

    : “Grow your own dope. Plant a liberal.”
    ” Obummercare, 20 percent of the time it works everytime.
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  3. #3  
    CU's Tallest Midget! PoliCon's Avatar
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    Quote Originally Posted by Gingersnap View Post
    If this doesn't qualify as "stupid", I don't know what does.

    Editor & Publisher
    AH! But you see - if the news papers fail - the left loses one of their chief outlet for propaganda AND Television news will be cast adrift without their cheif sources for news stories.
    Stand up for what is right, even if you have to stand alone.
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