04/19/2017

WSJ: Fox Preparing To Cut Ties To O’Reilly [Watch]

Joe Flint, The Wall Street Journal

Fox News is preparing to cut ties with its biggest star, Bill O’Reilly, according to people close to the situation.

A final decision on Mr. O’Reilly’s fate could come as early as the next several days, the people said. Mr. O’Reilly, host of “The O’Reilly Factor,” has been ensnared in a sexual-harassment scandal related to previously undisclosed settlements he and Fox News paid to women who worked on or appeared on his program.

Since an April 1 article in the New York Times detailing $13 million in settlements paid to five women, pressure has been growing on Fox News, both internally and from activists, to remove Mr. O’Reilly.

Initially, Fox News and parent company 21st Century Fox FOX -0.36% stood by their highly-rated host. Mr. O’Reilly has denied any wrongdoing, saying he paid settlements to “put to rest any controversies to spare my children.”

However, as advertisers fled his show, debate inside company ensued over the pros and cons of keeping Mr. O’Reilly on the air. His show draws about 4 million viewers a night, and the controversy didn’t dent his ratings.

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Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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