Democrats target new tax on Advertising?
October 22, 2009
The advertising business isn’t doing so hot. The various firms we work with are laying off staff, cutting expenses and just trying to hold on until business gets back to normal. Of course the ‘MadMen’ have had to cut back on campaign donations to Democrats and of course to their K Street lobbists. Senate Democrats, led by Al Franken, have decided to get rid of the tax deduction for advertising. Specifically AdAge is reporting, “legislation has been introduced in the Senate to eliminate the federal tax deduction on advertising for prescription-drug medications.” This industry is already reeling from the current economic climate. According to AdAge, “The AAF estimates that disallowing the advertising tax deduction would increase the costs of advertising and marketing for affected companies by up to 35%. The ad industry provides $6 trillion in annual sales in the U.S. and 21 million jobs, according to the AAF.”
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