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A new big time winner in Bailout Lotto?

American newspapers? NOTE: Since Reuters doesn't tell you about the U.S. Senator involved, I'll link to his home page.

With many U.S. newspapers struggling to survive, a Democratic senator on Tuesday introduced a bill to help them by allowing newspaper companies to restructure as nonprofits with a variety of tax breaks.

"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.

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.
(As if we'd notice the difference based on the establishment print media's "news" coverage during the 2008 campaign! pfc)

Advertising and subscription revenue would be tax exempt, and contributions to support news coverage or operations could be tax deductible.


Let's see: The bankrupt (in every way) print media gets a bailout and tax-exempt status, while the auto industry, which is, IMO, far more vital to the future, gets...loans? I suppose in a society where a large number of younger citizens say they get their "news" from the likes of Jon Stewart and David Letterman, this makes a certain twisted sense. After all, just imagine America without the Leftmedia's print division?
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