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The fate of the advertising tax deduction on the Senate side now rests with Ron Wyden (D-Ore.), who was officially confirmed by the Senate as chairman of the powerful finance committee on Thursday.
Wyden succeeds Sen. Max Baucus (D-Mont.), who was confirmed last week as ambassador to China. Before his appointment, Baucus had proposed a tax reform package draft that included a limit on the advertising tax deduction by half in the first year, with the rest amortized over the next five years.
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