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.
ad tax deduction
Broad tax reform may be a long shot in Congress, but the advertising community is still nervous about proposals to limit the advertising tax deduction.
With President Obama expected to nominate Sen. Max Baucus (D-Mont.) as the next U.S. Ambassador to China, tax reform and the proposal to limit the ad-tax deduction may have been dealt a setback. Politico first reported Baucus’ impending nomination.
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.
For the first time, proposals to limit the ad tax deduction are being pushed by the two chairmen of the tax writing comittees in both the House and the Senate.
The advertising community has been on high alert over proposals in the House to limit or eliminate the advertising tax deduction. Now, all eyes are on the Senate, where Max Baucus (D-Mont.) said Tuesday he plans to release "discussion drafts aimed at closing loopholes" in the tax code by the end of the week.
Even before the last minute Senate-negotiated deal to open the government and raise the debt ceiling, there were signs that Washington was re-opening its doors. Within minutes of President Obama signing the deal that reopens the government through Jan. 15 and raises the debt ceiling deadline to Feb. 7, the Federal Communications Commission's website came back on line.
The longer the federal government shutdown drags on, the more likely that the advertising business will not only take a hit, but find itself in the crosshairs of corporate tax reform.
There is more reason than ever for the advertising and media industries to keep a closer eye on Washington these days now that Sen. Max Baucus (D-Mont.) has announced he will retire in 2014. The powerful chairman of the Senate Finance Committee has made it all too clear that he sees tax reform as a top priority.