June 24, 2017
A Proposed Free Speech Tax from Republicans?
Congress is talking about an advertising tax again, and official Washington has returned to familiar battle stations.
The anti-taxers oppose it because it is a tax, and we clearly have enough taxes. The comprehensive-reform crowd sees it as a reasonable revenue-raiser that conveniently seems to come exclusively from the pockets of the 1 percent.
Indeed, Rep. Kevin Brady (R-Texas), chairman of the House Ways and Means Committee and the man charged with writing the pro-growth tax plan, got a head start on generating economic activity last month when he said he was still considering the revenue-sweeteners in the plan his predecessor, Rep. David Camp (R-Mich.), submitted in 2014.
Among them was a proposal to allow businesses to deduct 50 percent of ad costs in the first year, then the other 50 percent over the next ten. Since 1913, when the income tax was created, all ad expenses have been deductible in the first year because they are rightly viewed as business...(Read Full Article)