House Republicans, seeking the biggest transformation of the U.S. tax code in more than 30 years, aim to permanently chop the corporate tax rate from 35% to 20%, compress the number of individual income tax brackets, and over time repeal the taxes paid by large estates.
To partly offset that lost revenue, Republicans plan to curtail the deductions individuals take for state and local tax payments and mortgage interest and the ones businesses get for the interest they pay on debt. The proposal also repeals personal exemptions, which filers take based on family size to reduce their tax bills.
But the plan stops short of touching other popular tax breaks that were being considered for change, such as the ability of individuals to park up to $18,000 a year in pretax funds into 401(k) savings accounts.
And be sure to check out our live blog on the tax plan, where WSJ tax-policy experts and beat reporters explore the nuts and bolts of everything from estate taxes to student loan interest deductions to efforts to help 401(k) savers.
Below, some of the best analysis and insight from WSJ writers and columnists, and occasionally beyond, on investing, the wealth-management business and more.
Bitcoin boom. The price of bitcoin smashed through the $7,000 mark for the first time, another milestone for the surging digital currency. Plus, don’t count on bitcoin ETFs anytime soon.
Jobs Friday. As the Labor Department releases its October employment report, economists surveyed by The Wall Street Journal expect employers added 315,000 jobs and see the unemployment rate holding steady at 4.2%. Here are 5 things to watch.
Thursday’s markets. The Dow Jones Industrial Average recovered from early losses to close at a fresh high, as investors assessed House Republicans’ proposal for the biggest tax code overhaul in decades. The Dow industrials gained 81.25 points, or 0.3%, to 23516.26, its third consecutive day of gains and 55th record close of the year. The S-P 500 rose less than 0.1% to 2579.85 and the Nasdaq Composite fell less than 0.1% to 6714.94.
PLANNING AND INVESTING
Secrets of Wealthy Women podcast. In this new podcast series, successful women from all walks of life share their financial and career tips to help empower women and improve their financial savvy.
BUSINESS AND PRACTICE
ICYMI. The ubiquitous Sharpe Ratio communicates how much bang investors are getting for the bucks they risk. But many financial professionals misapply it or don’t consider other important investment factors. So says the ratio’s namesake, Dr. William Sharpe, who spoke with WSJ Wealth Adviser contributor Norb Vonnegut.
- ACP Annual Conference / San Antonio, Nov. 8-11
- AICPA Personal Finance Planning Summit / Rancho Palos Verdes, Calif., Jan. 8-10, 2018
- T3 Advisor Conference / Fort Lauderdale, Fla., Feb. 6-9, 2018
- Traffic - Conversion Summit / San Diego, Feb. 26-28, 2018
- FPA Retreat / Phoenix, April 23-26, 2018
The WSJ Wealth Adviser Briefing covers topics of interest to wealth managers, financial planners and other advisers. It’s delivered to subscribers by email each workday morning; you can sign up for email delivery here: http://on.wsj.com/WealthAdviserSignup. Please send tips, suggestions or other comments to Wealth Editor Brian Hershberg at email@example.com.