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.
Keep in mind that local newspapers and the Wall Street Journal actually are not doing too bad. Why? They tend not to have the left-wing bias that Ben Cardin wants to prop up.
As it is right now, there is zero need to pay attention to a bunch of newspapers that all maintain the Democrat Party line.
Likewise, let’s not forget that the newspapers are going out of business because of the internet. Were Ben Cardin alive in the 1500’s, he’d no doubt want to subsidize monks whose work was becoming obsolete because of the printing press.
One last thing to note: Since Barack Obama intends to wipe out tax deductions for charitable giving, this isn’t going to do much good.