87 Members Of Congress Sign Letter Opposing Changes To Advertising Tax Deduction
June 9, 2015 at 2:53 PM (PT)
Eighty-seven members of CONGRESS have signed a bi-partisan letter to House leadership opposing changes to the tax code that would effectively repeal the present deductibility of business advertising.
In the letter to House Majority Leader JOHN BOEHNER (R-OH) and House Minority Leader NANCY PELOSI (D-CA), the legislators, led by Reps. ELIOT L. ENGEL (D-NY) and KEVIN YODER (R-KS), warn that "Changes that will make advertising more expensive cannot be justified as a matter of tax or economic policy. Such changes would be severely detrimental to local advertisers, broadcasters, print media, online service providers, national media companies, news-gathering organizations, and other businesses that rely on advertising as their primary source of income. Imposing this cost on advertising would threaten the ability of these businesses to continue to support jobs and offer the high quality news, information, and entertainment on which our constituents rely."
NAB EVP/Communications DENNIS WHARTON said, "NAB thanks the 87 members of CONGRESS who have voiced their opposition to any proposal modifying the tax deduction for the cost of business advertising. Advertising on local radio and television stations is a key driver of the American economy, generating $1.05 trillion in GDP and supporting 1.48 million jobs in local communities across the country. We applaud Reps. YODER and ENGEL for their leadership on this important issue and look forward to working with lawmakers to preserve the advertising tax deduction."