That calculator is VERY accurate, but it is recommended THX viewing and SMPTE viewing distances based on HD material with a HD display. So, ONLY when viewing HD material should you ever be that close.
More accurately, THX standards as listed are written for front projection in movie theaters. So, while it is acceptable for you to be that close, that is a pretty small screen for everyone to be able to gather around and lots of people are going to be way off center.
Usually, those standards are what people follow when they go with front projection in a home theater in their home. A 10 foot wide screen with a 15 foot viewing distance. Then they only watch HD material and some DVDs using a good upconverting DVD player. I run about 92" wide at 12 or 13 feet viewing. It is excellent for us and truly immerses you in the movie or game. A bit more than you need for Fox News though.
Way more than you would ever want for non-HD sources which look terrible even at 3x the screen width.