This will certainly get more journalists hired, but since the tax subsidy expires journalists will have a big financial incentive to make sure Democrats get elected to re-authorize the subsidy so they can keep their jobs.
The Democrats’ $3.5 trillion budget bill features tax breaks for countless progressive causes, but one buried in the fine print is a doozy. The House Ways and Means Committee voted last week to subsidize journalists. Congress wants to subsidize the only institution less popular than . . . Congress.
The “Payroll Credit for Compensation of Local News Journalists” offers print and digital publishers up to $50,000 a year for each journalist on staff. The tax credits are capped at 50% of each employee’s wage in the first year and drop to 30% thereafter. “Democracy depends on original reporting, and local newspapers are responsible for more than half of that,” Senate Finance Chairman Ron Wyden told the Seattle Times last week.
Washington Times – LINK