Last week, the Tax Foundation released a paper titled, “Reexamining the Tax Exemption of Municipal Bond Interest,” which argued that lawmakers should consider reforming the current tax treatment of municipal bond...
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- Protecting Consumers by Eliminating the Business Deductio...
Protecting Consumers by Eliminating the Business Deduction for Advertising
In an effort to reduce the deficit and eliminate rampant consumerism, Michigan Congressman Michael Moore (15th District) has introduced legislation to eliminate the business tax deduction for advertising.
“The American Consumer Protection Act (HR 4113) is a true pro-family bill,” he said in a press conference on April 1. “Today’s families are being crushed by mountains of credit card debt thanks to an endless barrage of commercials and popup ads seducing them into buying products they didn’t know they needed.”
“Just last week, my wife bought three pairs of Pajama Jeans, a Belly Burner, and a year’s supply of Sham Wows. And what on Earth is a Booty Belt? Thanks to those geniuses on Madison Avenue, my son almost drowned because he thought he really could sail our screen door across to Mackinac Island if he sprayed that black stuff on it.”
According to the CBO, the bill will bring in billions of new revenues to help balance the budget without raising marginal tax rates. “American businesses wrote off $186 billion in advertising costs in 2009 – more than they wrote off in pension and charitable contributions combined – which cost the Treasury $65 billion,” said a new CBO report.
The response from industry was swift. A spokesman for the Association of Major Newspapers said the bill will have a chilling effect on their ability to publish all the news that’s fit to print. “The bill unfairly puts the burden of deficit reduction on our small industry,” she said. “What happened to the idea of simply taxing the Top 1%?”
“This bill will ruin Sundays as we know it,” said NFL Chief Roger Goodwill. “Without all of those beer and car commercials, people will be left just watching football,” he said in a phone interview. “And since games would only take an hour, what would people do with the rest of their Sunday afternoons?”
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