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The Real Threat Of Losing The 100% Advertising Deduction

The info below is comprehensive regarding describing the current status of the TAX REFORM BILL with this update regarding yesterday’s meeting in the White House with President Trump and the Senate Finance Committee which is the committee that either vote out or vote down consideration of budget/funding bills.

Sitting next to President Trump was Clair McCaskill who sits on this committee.

Contacting her is critical to influencing the vote she will make given the information of some of the elements that as yet were not released until yesterday and there may be more to come.

Senator Roy Blunt has worked closely with President Trump and in a meeting recently in Springfield, he discussed the TAX REFORM BILL with the President.

Also, it is critical that our “partners” in this effort contact Representative Jason Smith (our 8thCongressional District) because he sits on the House Ways and Means Committee and is committed to tax reform.

While he stated after an inquiry earlier this year he would work for keeping the advertising deduction, he didn’t sign a letter offered affirming that.  We need his support to be successful, and he needs to hear from us.

Here is a list of the contact info to the offices of our elected officials:

  • Representative Jason Smith at 202.225.4404; jasonsmith.house.gov
    • Cape Office: 2502 Tanner Drive, Suite 208, Cape Girardeau; Ph. #:573.334.7044
  • Senator Roy Blunt at 202.224.5721; blunt.senate.gov
    • Cape Office: 2502 Tanner Drive, Suite 208, Cape Girardeau; Ph. #: 573.335.0101
  • Claire McCaskill at 202.224.6154; mccaskill.senate.gov
    • Cape Office: 555 Independence St., Room 1600, Cape Girardeau; Ph. #573.651.0964

Finally; why are we talking about advertising expenditures being eliminated or cut down to 50% in the year they are incurred?

Because as of a report released yesterday that scored the current proposal as it now stands by applying the TAX REFORM BILL elements along with other changes:

  • The loss of revenue to the U.S. Treasury is projected to be 1.5 TRILLION over ten years.                  

They are simply reaching for all the money they possibly can to lower that unacceptable cost that would radically reduce the government’s ability to deliver services.

It was a desperate measure in 2014, and it’s a desperate measure now that will negatively impact every advertiser in the country and will have an unbalanced impact on locally and regionally-based small businesses and professional service providers versus corporations.

 

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