Despite the easy passage of Rep. Eric Cantor’s Small Business Tax Relief bill in the House of Representatives, RIA firms aren’t likely to be counting on any tax savings at this point.
The White House has already indicated it would
The H.R. 9 bill would allow businesses with fewer than 500 employees to take a tax deduction equal to 20% of their active business income for one year. Should the bill become law “it would help all of our members,” according to Chris Paulitz, a spokesman for advocacy group the Financial Services Institute. The bill passed the House 235 to 173 on April 19, with 1 member voting present.