All eyes are on Washington, D.C. as Congress works to avoid sending the country over the ”fiscal cliff.” Refreshingly, advisers don’t seem to be buying into the media “doom and gloom” about the state of the negotiations.
In fact, according to a recent survey by the Financial Services Institute, many advisers are confident that a deal will be reached. An overwhelming 79 percent believe we won’t fall off it. The cliff, that is.
Advisers were also asked if they expect higher marginal tax rates for the ”wealthy” or curbs on deductions, or both. In total, 18 percent predict higher rates, while 9 percent believe that there will be curbs on deduction. The majority (72 percent) believes both will be part of the deal.
Advisers were also asked if a deal avoiding the fiscal cliff should include a fundamental tax code and entitlement reform? Overall, 90 percent said both are important, with only 5 percent calling for tax reform or entitlement reform only
The survey was completed online by 2,454 financial advisors from November 19-27. The full results are available here.
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