Feds throw another $129 million for failing legacy media bailouts in update | Western Standard | Shaun Polczer:
November 21, 2023 - "Tuesday’s Fall Economic Statement reaffirmed the Liberal’s commitment to several of its key policy priorities including subsidies for EVs, a quadrupling of carbon taxes and billions for childcare subsidies. Buried on Page 67 of the 141-page document are three short paragraphs reaffirming support for another one of its controversial priorities, $129 million in media bailouts over five years starting next year — over and above an 'ongoing' $10 million per year subsidy.
"Effective for expenditures from ‘eligible’ mainstream media outlets incurred on or after January 1 of 2023, the federal government proposes to increase the yearly limit on labour costs that can be claimed per employee from $55,000 to $85,000 and temporarily increase the tax credit rate from 25% to 35% for a period of four years.
"It comes following the passage of the controversial Online News Act that many news outlets of all stripes — including The Western Standard — have deemed ruinous after social media giants such as Facebook parent company Meta started blocking Canadian news content this summer.... According to media critic Michael Geist, making it retroactive to the start of this year sweetens the deal by at least another $60 million to offset the revenues lost from its own 'disastrous' legislation....
"That’s over and above the nearly $600 million committed in prior budgets....
"According to The Western Standard’s Publisher Derek Fildebrandt.... 'They pass legislation devastating our ability to grow revenues, shrug their shoulders after we told them 100 times this is exactly what would happen, and simply propose to cut more bailout cheques.'"
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