Newspaper Revitalization Act
Today the Patriot Flag I am flying is the Fort Moultrie Flag. Here’s why ….
Talk Risking Liberty
The Newspaper Revitalization Act S-673 (full text here) has been introduced by Democratic Senator Benjamin Cardin.
The bill is a small bill, about 435 words, that would amend the IRS Code of 1986 to permit newspapers to be given 501(c)(3) status, thus obtaining tax exempt status and the ability to accept charitable contributions. Currently tax laws do not permit newspapers to be operated tax exempt, but they do have mechanisms that permit foundations to own them or support them financially. (Source: The Media Business)
Newspaper Deathwatch
The Newspaper Revitalization Act would allow newspapers to operate as non-profits, if they choose, under 501(c)(3) status for educational purposes, similar to public broadcasting. Under this arrangement, newspapers would not be allowed to make political endorsements, but would be allowed to freely report on all issues, including political campaigns. Advertising and subscription revenue would be tax exempt and contributions to support coverage or operations could be tax deductible.
Reuters: “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. “We are losing our newspaper industry,” Cardin said. “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.
And President Obama says:
The Hill.com Obama said that good journalism is “critical to the health of our democracy,” but expressed concern toward growing tends in reporting — especially on political blogs, from which a groundswell of support for his campaign emerged during the presidential election.
“I am concerned that if the direction of the news is all blogosphere, all opinions, with no serious fact-checking, no serious attempts to put stories in context, that what you will end up getting is people shouting at each other across the void but not a lot of mutual understanding,” he said.
From The Toledo Blade: “Journalistic integrity, you know, fact-based reporting, serious investigative reporting, how to retain those ethics in all these different new media and how to make sure that it’s paid for, is really a challenge,” Mr. Obama said. “But it’s something that I think is absolutely critical to the health of our democracy.” “I haven’t seen detailed proposals yet, but I’ll be happy to look at them,” Obama told the editors of the Pittsburgh Post-Gazette and Toledo Blade in an interview.
- Historically Speaking: During the Civil War, Abraham Lincoln’s administration invested in failing Southern newspapers to influence public opinion in favor of the North. A noble cause in that case, but an example of how public ownership can be used to promote the government’s agenda. (Source CQ Politics).
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So should we bail out the newspapers?
My opinion: “No” The newspapers need to solve the problems of why they are failing, and if they cannot solve the problem, then they should fail and go the way of the blacksmith who was making horseshoes. It is THEIR problem, don’t make it mine … every time the government makes it MY problem, my taxes go up. I can only see one important reason for newspapers today:
HINT: If a newspaper started up that was like Fox News … I’d probably subscribe. (I subscribe nor buy none presently). That paper would take 50% of the “printed” marketplace … just like Fox has. I’m surprised some enterprising newspaper people haven’t spun away from the mainstream and started just such a project. Otherwise . . .
R.I.P.
