The next newspaper generation to address Congress on estate tax

WASHINGTON—Children will help Congress to understand the importance of eliminating the estate tax for family-owned newspapers, and a key figure in the economic recover policy in Washington will brief publishers and editors on the next steps. All of it and more will be featured at the 48th Annual Government Affairs Conference, March 18-20.

Sheila Bair, chairman of the Federal Deposit Insurance Corporation and a leading advocate of the idea of setting up a government bank to hold bad mortgage loans, will address GAC on March 19.

Her audience will be interested in the future economy, because many of them will be running the newspapers represented. NNA is encouraging potential publishers and editors—even if they have not yet decided on their own career paths—to join the managing generation at GAC. The estate tax is likely to be high on the agenda of the 111th Congress.

President Barack Obama has been invited to speak. If he accepts, information is likely to be received in just a few days before the event. NNA President John W. Stevenson urges NNA members to plan early to attend in the event the president’s schedule permits his appearance.

Stevenson also encourages all those who own a family newspaper to bring the next generation to GAC to talk with congressional delegations about the devastating impact of having to sell newspapers to pay for a tax based not on its cash flows, but on its fair market value.

He said, “The next generation should have its own chance at the business. The next generation should be able to make its own decision about the future of their newspapers, and not have it made for them by the tax collector.”

The estate tax, which taxes income that was already taxed once, has been one of NNA’s biggest projects. In 2011, the full estate tax could return. The marginal rate was 55 percent in 2001.

GAC will begin at 5 p.m. Wednesday with a party for this next newspaper generation where they can meet each other and talk about this lobbing opportunity.

You may register one “kid” between the ages of 10 and 25 for free and bring the rest for $50 each. The KIDS GAC registration form is now available on the NNA web site, http://www.nna.org. And attached to this e-mail.

Other events scheduled for GAC:
Thursday morning—Newsmakers, including Postal Regulatory Commission Chairman Dan G. Bair and former Government Accountability Office Director David Walker.

Friday morning at the Newseum—see all five floors of exhibits and features.

Friday afternoon—a guided tour of the new Capitol Visitor’s Center, conducted by Communications Director Tom Fontana. The tour will begin in Emancipation Hall, view the center’s many new amenities, see the 17,000-square-foot Exhibition Hall and enjoy a film on the Capitol’s history. Cameras and notepads are permitted. No video of the tour is permitted. Items typically prohibited on commercial aircraft are also prohibited.

Optional social events
Thursday evening—Dinner at the Fourth Estate at the National Press Club, followed by an evening at National Theater to see Chorus Line. Tickets for the theater are available from Telecharge at http://www.telecharge.com or 800-447-7400. The prices are in the $50 – $100 range.

Friday evening—The Capitol Steps, political satire comedy group, at the Ronald Reagan Building. The show provides an evening of political satire written and performed by former Capitol Hill staffers. Taken together the performers have worked in a total of 18 congressional offices and represent 62 years of collective House and Senate staff experience. Tickets are about $40, Curtain is at 7:30 p.m. Call 703-465-8808 to reserve a group ticket.

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