Editor's Choice: Week of July 13, 2009

More On Tax Planning

from The Advisor's Professional Library
  • IRAs: In General Individual Retirement Accounts are highly popular tools for contributing funds that grow on a tax deferred basis. Depending on the type of IRA, the accumulation can be tax free.
  • Use and Misuse of Social Media Social media is an inexpensive and effective way to communicate with established and prospective clients.  Nevertheless, when RIAs utilize social media to promote their advisory practices, they risk compliance problems for their firms.

It's a busy week, marked by Congressional hearings, earnings reports, and economic reports that could move the markets.

First up, though, Rep. Charles Rangel floated a plan last week to tax the "rich" to pay for healthcare reform Amid criticism from Republicans, and calls from some, including Warren Buffett, for another round of stimulus spending, President Obama defended stimulus part 1 in his weekly radio address.

This week, earnings highlights include Charles Schwab on July 13, Goldman Sachs on July 14, JP Morgan Chase on July 16, and on Friday, July 17, Bank of America, and Citigroup.

Perhaps the biggest hearing of the week comes in the House on July 14, when Mary Schapiro is scheduled to testify on the current state of the SEC and its agenda before the capital markets subcommittee of Barney Frank's Financial Services Committee.

Other key Congressional hearings for the week include, in the Senate, a July 13 hearing by the Health, Education, Labor, and Pensions Committee on the Affordable Health Choices Act; on July 14, hearings on the Consumer Protection Agency in the Senate Banking Commitee, and on July 15, the same committee will hold hearings on regulating hedge funds.

On the 14th, find out about June producer prices and on July 15, June inflation numbers. Finally, on July 17, see how new home construction stood in June.

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