Following is a statement by Bob Liodice, President and CEO of the Association of National Advertisers on the draft tax reform legislation released by Congressman Dave Camp (R-MI), which includes a provision that will, if enacted, severely impact the economy and lead to significant job loss.
Advertising is a driving force in the U.S. economy, serving as a generator of job creation and sales, according to a new study commissioned by the Association of National Advertisers (ANA) and The Advertising Coalition, which represents advertisers, advertising agencies, and media companies.
A new ANA (Association of National Advertisers) study entitled, “Payment Terms – Current Practices for Marketing Services,” reveals that 43 percent of marketers have extended payment terms this year on at least one marketing service in their portfolio. That portfolio includes agency fees, research, media, production, and talent payments.
Senator Max Baucus (D-MT), Chairman of the U.S. Senate Finance Committee, today released his discussion draft of tax reform legislation that includes a provision that will, if enacted, severely impact the economy and lead to significant job loss. This provision would allow advertisers to deduct only 50 percent of all advertising expenses in the first year and amortize the remaining 50 percent over the next five years.