The Third Rail of American Politics Is Live
The Congressional Budget Office's economic outlook for the next 10 years, released in late January, found that the federal deficit will balloon to 4% of GDP by 2025 from 2.8% today, thanks in large part to entitlement programs like Social Security.
Tax Code Should be ‘Tossed Out,’ Expert Tells Senators
At a tax reform hearing, suggestions ranged from raising standard deductions to scrapping the whole tax code and starting from scratch.
Obama Endorses DOL Fiduciary Redraft, Girds for Fight
“If you want to give financial advice, you have to put your clients’ interest first,” Obama said Monday, blasting “backdoor payments” and high fees.
Senate Finance Passes 17 Tax Bills
Changes to REITs, enrolled agents and small insurance companies are included in the package.
After Obama Address, Battle Lines Are Drawn in Congress
Industry trade groups and lawmakers were quick to weigh in with praise and criticism of issues raised in President Obama's mid-January State of the Union address, namely cybersecurity, the Dodd-Frank financial reform law, taxes and entitlement reform.
Key Congressional Committees Get New Leaders
The start of the new GOP-controlled Congress brings with it new faces to key congressional committees that hold sway over a variety of issues impacting advisors.
Senators Introduce Retirement Security Act Focused on Small Business
“This Congress could make real strides in expanding opportunities for small businesses to provide retirement programs,” says ASPPA's Miller.
CBO Says Entitlements Will Cause Ballooning Deficits
Does that mean reform of Social Security and health care programs is coming? Probably not, says strategist Greg Valliere.
White House Memo Offers a Peek at DOL Fiduciary Strategy
Two top Obama economic advisors write in an internal memo that DOL should tighten broker rules; they share some details from the long-awaited fiduciary redraft.
Enforcement Roundup: Wells Fargo, JPMorgan Slammed Over Mortgage Kickbacks
Meanwhile, the SEC charged a Fort Lauderdale-based advisory fund manager and his firm with running a Ponzi scheme to buy jewelry, cars and a house.