House Speaker and California Rep. Nancy Pelosi has snuck a tax exemption into Joe Biden’s Build Back Better legislation and who it helps is extremely telling.
In a move that is set to cost taxpayers $1.6 billion, the Democrats, led by Pelosi, have given a $50,000 per journalist tax credit to news organizations, The Washington Times reported.
A new analysis of the legislation by the Joint Committee on Taxation, a special congressional panel made up of 10 senior lawmakers from both chambers of Congress, found that taxpayers would be on the hook for more than $1.6 billion if the tax credit becomes law.
The credit would allow “local news” outlets to receive a quarterly tax credit, “equal to 50%” of a journalist’s wages up to a cap of $12,500-per-quarter.
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Pelosi's latest version of the Biden Budget Buster exempts news organizations with up to 1,500 employees from the employer side of the payroll tax.https://t.co/5SfGp0ffD8 pic.twitter.com/rkOLchRUy8
— Phil Kerpen (@kerpen) November 4, 2021