Networks take stand vs. ad tax

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Broadcasters joined the drug industry in opposing a proposed scheme to end tax deductions on advertising for drug companies.

The Wall Street Journal reported in July that four networks—ABC, CBS, NBC and FOX—wrote House Ways and Means chair Charles Rangel (D-NY), advising him that such a plan would destroy jobs in New York. “The current economic recession requires that we do everything we can to generate more sales and more jobs—not adopt policies that would reduce them,” the letter said.

Rangel has said pulling tax deductions on drug advertising could save the government $37 billion over 10 years.

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