RIAs support Trump tax cuts for businesses
President Trump's proposed major tax cuts for business owners earned praise from advisers, though some expressed concerned about potential impacts on their clients.
At the heart of a sweeping plan is a slashing of corporate income tax rates from a maximum 35% to 15%. That would benefit major corporations and small business owners such as RIAs with their own practices.
There are benefits for wealthy Americans as well, including a proposal to compact income tax rates and cut the individual top rate to 35%, end a 3.8% net investment income tax for those earning over $200,000 and elimination of the estate tax.
However, another proposal to repeal state income tax deductions would carry serious implications for HNW clients residing in states with high tax rates such as New York, New Jersey or Connecticut.
Click through to read advisers' reactions to the proposed tax plan.