Rep. Dave Camp (R-Mich.), chairman of the House ways and means committee and the lawmaker pushing tax reform, won't seek re-election, putting one of the most powerful positions in Congress in play.
advertising tax deduction
Rep. Dave Camp (R-Mich.), the outgoing chairman of the House Ways and Means Committee, unveiled his tax reform package Wednesday, and the bad news for the advertising and media industries is that it includes new limits on the advertising tax deduction. As feared, Camp's proposal would cut the deduction by half in the first year with the rest amortized over 10 years.
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.
Just as advertisers and media execs feared, Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means committee, is proposing watering down the advertising tax deduction.
While the industry was celebrating Advertising Week in New York, 250 miles south in the nation's capitol, Congress was mulling its perennial plot to remove the standard tax deduction for advertising expenses.