TOPLINE: Whip Scalise is committed to exposing President Biden and Congressional Democrats’ giveaways to radical special interest groups and the far-left provisions buried in their 2,135-page big government tax-and-spending spree. There are many “hidden gems” that Democrats are handing the socialists, and Whip Scalise will be highlighting them throughout the next few weeks.
Payroll Tax Credits For Journalists
Section 138516 gives specific news organizations a refundable tax credit to subsidize their operations’ wages at a time when their readership has declined due to liberal bias.
The credit can be used quarterly, crediting up to $6,250 in wages per employee per quarter. Thus, it allows for a maximum credit per employee of $25,000 in the first year.
Up to 1,500 employees can qualify per organization, so one local news organization can claim up to $37.5 million in tax credits for wages paid to employees in the first year. The credit decreases to a max of $15,000 per employee a year after the first year.
The Joint Committee on Taxation estimates that these tax credits for local journalists would cost $1.67 billion over the next ten years.
President Biden and Congressional Democrats want to give newspapers, TV stations, and radio stations a $1.67 billion tax subsidy but don’t want to give the same treatment to millions of small businesses and their employees.
BOTTOM LINE: President Biden and Congressional Democrats want to pay the reporters’ salaries who cover for them – instead of covering the news. How can they claim that this policy is fair? Subsidizing journalists is a waste of precious tax dollars.