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Week’s Best: What Advisors Should Know About Proposed Tax Overhaul

·2 min read
Week’s Best: What Advisors Should Know About Proposed Tax Overhaul
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The House tax-writing committee released an 881-page draft of a plan for a major overhaul of the Internal Revenue Code, and the news wasn’t all bad for advisors and wealthy clients. The Ways and Means Committee is looking to increase marginal income rates to 39.6%, but the capital gains adjustment isn’t as high as feared. Three clients are suing Charles Schwab ‘s Investment Advisory division for an alleged breach of fiduciary duty, arguing that the firm’s robo-advisor placed too much of their assets in cash.