How will the proposed tax reform package from the U.S. House of Representatives affect you? Michael Kitces summarizes the changes and offers a forecast on the bill’s chance of being passed. With recessions occurring as a normal part of the market cycle, analysts are keeping an eye out for the next one. Advisor Perspectives takes a look at the data and the likelihood of a recession in 2018. The term “fee-only” has become an attractive marketing description for many financial advisers. But in mid-October, the Certified Financial Planner Board of Standards disciplined six financial advisers for allegedly claiming to be “fee only” when they also received commissions. There is a way to protect yourself from hiring an unscrupulous adviser, as The Intelligent Investor explains.
Proposed Individual Tax Reforms Under The House Republican Tax Plan– The House GOP tax proposal represents some of the most significant tax reforms in more than 30 years. It includes a reduction in the number of tax brackets from seven to four with the same top tax rate of 39.6% (albeit with a 6% surtax for a portion of income over $1M. This effectively creates a new 5th tax bracket at 45.6% before reverting back to 39.6% again.) It also features the repeal of the Alternative Minimum Tax and substantial simplification employee fringe benefits, college tax preferences, and itemized deductions… along with a near doubling of the standard deduction that will make itemizing a moot point for most individuals. Read more…
Recession Risk Remains Low– The macro data from the past month continues to mostly point to positive growth. On balance, the evidence suggests the imminent onset of a recession is unlikely. Read more…
When Fee-Only Advisors Are Not Fee-Only– You might expect that the ‘fee-only’ description for an adviser would be pretty straightforward. It’s not. The phrase has been misused by unscrupulous advisers. Read more…
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