david elosser said:
Well, President Obama-Kennedy may not know what to do about Afghanistan, but he's ready to move quickly to save our nearly bankrupt news orginazitions. How would we save them? Sit down everyone... no, I mean it. Sit down if you're not already...
TAX CUTS!
http://thehill.com/blogs/blog-briefing-room/news/59523-obama-open-to-newspaper-bailout-bill
David E
Gaak!
Thanks a lot David, now I’ve got Diet Pepsi coming out of my nose!
This is by far the stupidest proposal I have ever seen floated by Congress, ever, bar none.
Let me connect the dots for you. First, from the article:
[COLOR="Blue"]
“The president said he is "happy to look at" bills before Congress that would give struggling news organizations tax breaks if they were to restructure as nonprofit businesses.
"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.
Sen. Ben Cardin (D-Md.) has introduced S. 673, the so-called "Newspaper Revitalization Act," that would give outlets tax deals if they were to restructure as 501(c)(3) corporations.” [/COLOR](emphasis mine)
Now, I'll quote from the IRS guidelines regarding 501(c)(3) qualification:
[COLOR="Maroon"]
To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual. In addition, it may not be an action organization, i.e., it may not attempt to influence legislation as a substantial part of its activities and it may not participate in any campaign activity for or against political candidates.[/COLOR]
http://www.irs.gov/charities/charitable/article/0,,id=96099,00.html (emphasis mine again)
Can you say "hush money?" I can only imagine the dialog behind closed doors in Wshington, "I know, lets give the newspapers a tax break to avoid politics altogether. Also, we can hopefully get rid of that nasty capitalist from Australia..." No doubt Congress and the President would love it if
all news agencies were prohibited by law from influencing legislation or participating in any campaign activity for or against candidates. How convenient. How positively Orwellian. If Congress wants to censure someone I nominate Ben Cardin (D-Md) for blatant Constitutional and civic ignorance (or malfeasance) of the highest order.
Jim