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.
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.
Professional sports leagues like the National Football League and the National Hockey League are getting swept up in the move towards tax reform in Congress. Two bills introduced in the the House and the Senate would take away the leagues' non-profit tax exempt status. Currently, the team franchises are taxable, but the leagues themselves are not.
The debate in Washington over which foods should or should not be marketed to children is far from over. And with Congress getting serious about taking up tax reform, there is a new opportunity for lawmakers to use the tax code to regulate food advertising under the guise of raising more revenue for the government.
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.