Advertising is a major source of revenue for magazine media, and advertising revenue allows magazine media brands to deliver to readers the trusted, meaningful content they expect. As the advertising ecosystem continues to evolve in response to industry and regulatory changes, MPA advocates for policies that recognize the importance of the first-party relationship between magazine publishers and their readers, and for policies that preserve the ability of magazine publishers to serve both the content and advertising that is expected by readers and relevant to their interests. MPA supports the First Amendment rights of commercial speech and opposes product specific restrictions that impact commercial speech protections. MPA also supports the long-standing tax treatment of advertising expenses as fully deductible “ordinary and necessary” business expenses.