OLYMPIA – State lawmakers are considering throwing the news industry a lifesaver by taxing some of the world’s biggest tech platforms.
If adopted, the legislation would impose a surcharge on large search engines and social media companies with a gross income of $5 million or more, with the tax capped at $6 million a year. The Office of Financial Management estimates the tax would raise $27 million in fiscal year 2027 and an additional $102 million between 2027 and 2031.
The proposal comes as the journalism industry across the country struggles to remain relevant and profitable in an increasingly digital landscape.
According to data compiled by the Local News Initiative at the Medill School of Journalism at Northwestern University, more than 3,200 newspapers have gone out of business since 2005, with more than two per week folding, on average.
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