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For the first time, the 4A's board of directors, execs from the nation's largest advertising agencies, have gone on record opposing the Senate proposal to limit the advertising tax deduction.
The letter, sent today, was in response to a proposal from Senate finance committee chairman Max Baucus that would reduce the ad tax deduction by half for the first year and amortize the other half over five years.
"The recent proposal from the Senate Finance Committee would severely undercut the economic power of advertising to generate sales and support jobs," wrote more than two dozen high-profile agency execs such as Bill Koenigsberg, president and CEO of Horizon Media; John Montgomery, COO of GroupM Interaction; Tim Spengler, worldwide CEO of Magna Global; Matt Anthony, CEO of Young & Rubicam North America; and Lisa Donahue, CEO of Starcom Worldwide.
They cite research from IHS Global Insight that found every dollar of advertising generates...
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