February 17th, 2014
Wyden Is the Senator to Watch on Ad Tax Deduction
By Katy Bachman
The fate of the advertising tax deduction on the Senate side now rests with Ron Wyden (D-Ore.), who was officially confirmed by the Senate as chairman of the powerful finance committee on Thursday. Wyden succeeds Sen. Max Baucus (D-Mont.), who was confirmed last week as ambassador to China.
Before his appointment, Baucus had proposed a tax reform package draft that included a limit on the advertising tax deduction by half in the first year, with the rest amortized over the next five years. It’s hard to predict how Wyden will respond as chairman. In a recent speech at the University of Southern California, he indicated that he would go slower on reform and take up a package of expired tax breaks known as tax extenders.