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Friday Financial Five – August 5, 2016

Friday, August 05, 2016


Clinton and Trump tax plans

With election day nearing, the tax proposals offered by presidential candidates Hillary Clinton and Donald Trump will come under greater scrutiny. Clinton’s proposal focuses on increasing income taxes on the top 1% of income earners. The Tax Policy Center (TPC) estimates over $1 trillion in new tax revenue will be generated over a decade, and top earners would be responsible for three quarters of that additional revenue. Trump’s plan reduces taxes across the board and would result in almost $10 million in reduced tax revenue over a decade, with no identified areas of reduced spending. The TPC analysis estimates a large difference in deficits resulting from the two plans.

FDIC promoting financial literacy

The Federal Deposit Insurance Commission (FDIC) is educating the public in financial matters through a “Money Smart” program. It consists of eleven training modules covering banking topics, credit information, and tidbits on home ownership. They have programs for kids and young adults as well, and recently held a program for teachers to pass along to children. Along those lines, TD Bank  has a great summer program for kids that credits $10 to a savings account for kids K-5th grade that read ten books this summer. It promotes reading, saving, and planning with a section for kids to list what they want to purchase with their saved money 

Employers slow to embrace lifetime income

While the retirement picture remains murky for employees in the absence of traditional pensions, most employers are still not turning to annuity income streams to provide a lifetime of payments to retirees. A Willis Towers Watson survey estimates that only a quarter of companies offering defined contribution plans include any education or options for lifetime income. This trend will continue upward as more and more people search for non-market based solutions at retirement.

New low point for the financial industry

A situation in New York highlights the need for increased protection of seniors. The Financial Industry Regulatory Authority (FINRA), charged with regulating securities firms, filed a complaint against a broker for churning his blind-widow client for more than $243,000 in commissions. Over a three period after the widow’s husband passed, the broker placed 700 trades in 200 different securities, leading to an almost $200,000 loss for his unknowing client.

Prince’s estate may have identified heir

The many people staking a claim to Prince’s estate have been sifted through and apparently whittled down to one legitimate heir. A son has been identified and stands to inherit an estate estimated between $300 million and $500 million. According to Minnesota law, children inherit first, leaving Prince’s sister and half siblings on the outside looking in.

Dan Forbes, a CFP Board Ambassador, is a regular contributor on financial issues. He leads the firm Forbes Financial Planning, Inc in East Greenwich, RI and can be reached at [email protected]


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