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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.
It's the industry's worst nightmare. A repeal of the ad tax deduction is back in play, and could add hundreds of millions of dollars to marketers' tax bills, crimp ad expenditures on media and reduce revenue for ad-supported media.
The dreaded measure, being talked about in the House Ways and Means Committee, could show up as part of either the continuing resolution to fund the government or in the bill to raise the debt limit.
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