Editor’s Note: The ONA has also voiced opposition to this proposed advertising tax, and was one of the state press associations signing a letter on the issue to Senator Baucus. For more on the issue, click here.
From News and Tech
Forty-seven press associations, representing daily and weekly newspapers across the country have voiced opposition to an advertising tax proposed by Sen. Max Baucus (D-Mont.), a Senate Finance Committee chairman.
The proposal, outlined in a paper called “Discussion Draft on Cost Recovery and Accounting Language,” was released in December and suggests requiring all advertisers to wait up to five years before they can fully deduct the cost of half of their advertising as a business expense, NetNewsCheck reported.
The press associations involved sent a letter urging the Senate Finance Committee to drop the proposal.
“We believe the proposal in the discussion draft would severely undercut the economic power of advertising to generate sales and support jobs,” reads the letter. “The proposed tax on advertising would push our economy down at a time when businesses — including newspapers and other media that rely on advertising — are beginning to move forward in a positive direction.”