(Washington)

RIAs are furious about one aspect of the broader tax package passed last month. That is the way the government puts limits on the amount of income and type of entity that can use the new lower tax rate for pass through entities. RIAs say the new rules discriminate against RIAs that are not set up as C Corps. There is already a major movement to get the rule changed being led by Savant Capital Management. “We believe RIAs deserve the same tax treatment as other business owners” says TD Ameritrade.

FINSUM: We noticed before the new package got passed that it seemed to very deliberately exclude some sectors. Hard to judge the chances of this push succeeding.