The middle class stands to lose the most from the proposed tax overhaul.In fact, the upper middle class faces a triple whammy, according to Suzanne Woolley and Ben Steverman of Financial Advisor. But those facing medical debt are getting some good news in recent changes to the credit reporting policies from Equifax, Experian and TransUnion. If you don’t believe your investment advisor needs to be a fiduciary, you may want to consider what happens when they aren’t. Bob Veres reports on the consequences investors face when their advisor is not required to put the client’s interests first.
How Tax Reform Could Squeeze The Middle Class– Powerful lawmakers are promising at least a framework for the overhaul this week. Upper-middle-class taxpayers in particular could face a triple whammy. On the table are limits on—or even the elimination of—three of their favorite tax perks: deductions for mortgage interest and for state and local taxes and the ability to make pre-tax 401(k) retirement contributions. Read more…
Customers Get A Break On Medical Debt– Medical debt is becoming a little less painful. Beginning September 15, the three major credit agencies—Equifax, Experian and TransUnion—are waiting 180 days from the time a medical bill becomes delinquent before adding it to a patient’s credit report. Read more…
The Awful Consequences Of Non-Fiduciary Advice– Perhaps the biggest question surrounding a fiduciary “put your clients’ interests first when you give advice” standard is: what kind of advice are clients liable to get if their best interests are NOT put first? What’s the worst case scenario here? What bad things might happen to a customer’s ability to retire when brokers and sales agents posing as advisors make recommendations that are in their own interests—to maximize their sales commissions or sell in-house products in order to win that incentive trip to Tahiti? Read more…
John R. Day, Bill Ennis, Stephanie Davidson and Matt Heller
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