Senate Finance Committee Chairman Max Baucus Releases First Tax Reform Draft Proposal

Chairman Max Baucus (D-MT) of the Senate Finance Committee has released the first of several forthcoming draft proposals for tax reform. This first draft focuses on an overhaul of taxes on profits of companies gained overseas. A press release on this first proposal is available here. While this particular plan involves international tax rates, Chairman Baucus has announced that he will release other discussion drafts later this week, including “proposals to streamline and reduce overly burdensome and costly tax administration rules, and to reform cost recovery and accounting.”

ANA believes that the drafts coming later this week might affect advertising deduction provisions. We are monitoring this situation closely and will alert members when we know more about the implications for advertising.

If you have questions, please contact Dan Jaffe (djaffe@ana.net) at 202-296-1883.