Obama's New Tax Proposals & The ''Buffett Rule''

 


How tax rates might change for the wealthy under the new plan.

 

 

September 26, 2011

 

On September 19, President Obama laid out a plan to slash $4.4 trillion from the federal deficit by fiscal year 2021 – a plan featuring $1.6 trillion in tax increases for upper-income Americans and corporations.

 

·        The Bush-era income tax cuts would expire in 2013 for high-income households (the highest tax brackets would presumably reset to 36% and 39.6%).

·        The federal estate tax would return to 2009 levels in 2013 (a 45% rate with a $3.5 million exemption).

·        Tax deductions would presently be reduced for individuals making $200,000 or more annually and households making $250,000 annually.

·        The LIFO accounting method for business inventories would be invalid starting in 2013.

·        The lower-of-cost-or-market-inventory accounting method for deductions on unsold goods would also be jettisoned.

·        Investment partnerships would face higher taxes in future years.

·        Deductions and credits for oil and gas activities would be removed.

·        Tax rules for U.S. taxpayers subject to foreign taxes would be revised.1,2,3,4

 

A poll shows broad public approval. President Obama had mentioned tax hikes to pay for his recently unveiled $447 billion American Jobs Act. By linking taxes on the wealthy to job creation, Obama appealed not only to his progressive base but also to the broad middle class.

 

A September 20 Gallup survey showed 66% of Americans in favor of raising taxes for individuals making $200,000 or more annually and families making $250,000 annually. Additionally, 70% of respondents liked the idea of getting rid of certain corporate tax breaks.5

 

Will there be a tax floor for millionaires? President Obama referenced creating a “Buffett rule” in a nod to Warren Buffett’s August 14 New York Times op-ed piece, in which Buffett mentioned that his 2010 federal tax bill amounted to only 17.4% of his taxable income and that Capitol Hill legislators seemed “compelled” to protect multimillionaires “as if we were spotted owls or some other endangered species.” Buffett and Obama both think that the rich should pay proportionately greater federal taxes.6

 

But do they already? According to the non-partisan Tax Policy Center, they do. The TPC says the average U.S. millionaire pays 20.1% of his/her total income back to the IRS in income and payroll taxes, compared to 16.0% for the average American. While many millionaires generate income from sources besides wages and make the most of charitable gifting strategies, it seems many are being taxed proportionately.7

 

Where would the floor be? While the President views the proposed “Buffett rule” as a key starting point for tax reform, few details have emerged about it. On September 19, Treasury Secretary Timothy Geithner remarked that “we’re not going to give the Congress a detailed proposal for how to meet that specific principle now because there’s lots of different ways to do that.”7

 

Daniel Indiviglio, a business writer for The Atlantic, recently spent a column exploring the hypothetical tax impact of a “Buffett rule”. He ran some numbers using 2009 IRS data (the most recent available) on adjusted gross incomes. He found that if the government had instituted a 35% minimum tax for all Americans who earned more than $1 million in 2009, an additional $37 billion in revenue would have been generated – certainly handy, but not exactly a big dent in what was a $1.5 trillion shortfall. Raise the floor to the pre-EGTRRA 39.6% and the number climbs to $66 billion. Even if millionaires had been hit with a 75% marginal tax rate in 2009, the additional 2009 revenue would have amounted to less than 20% of the 2009 deficit. (Effective tax rates for these millionaires might have been a lot lower – after all, the S&P 500 gained 24% in 2009.)8

 

The “Buffett rule” could be modified … or abridged … or forgotten. While many Americans would like to see millionaires pay equivalent or greater income tax than the middle class, putting such a rule into play would be tricky.

 

Many middle-class families can take advantage of a bundle of deductions and exemptions which can lower their effective tax rate. Then you have the possibility of a multimillionaire receiving 100% of his or her income from long-term capital gains or dividends (15% current rate) or tax-exempt interest. Figuring a minimum tax rate for millionaires becomes harder when you consider these factors; in fact, Tax Policy Center senior fellow Roberton Williams told Bloomberg that it might require a federal definition of “income”.9

 

The Obama-appointed National Commission on Fiscal Responsibility and Reform has proposed dropping the preferential capital gains tax rates as an element of a broad tax code revamp that would also reduce marginal tax rates. Bloomberg notes that “several bipartisan groups” including the NCFRR support this notion – and it might be the closest thing to a “Buffett rule” that emerges from the great tax and deficit discussion of 2011.

 

Sincerely,

Edward J. Kohlhepp, CFP®, ChFC, CLU, CPC, MSPA

Edward J. Kohlhepp, Jr., CFP®, MBA

 


 

Please contact us whenever there are any changes to your financial situation, personal situation or investment objectives.

 

 

Citations.

www.petermontoya.com

1 - usatoday.com/news/washington/story/2011-09-19/Obama-deficit-reduction-plan/50470916/1 [9/19/11]        

2 - forbes.com/2010/07/22/expiring-bush-cuts-affect-personal-finance-taxes.html [7/22/10]  

3 - montoyaregistry.com/Financial-Market.aspx?financial-market=what-is-tax-efficiency-and-why-does-it-matter&category=31 [9/19/11]        

4 - blogs.reuters.com/reuters-money/2010/10/04/estate-tax-uncertainty-planning-for-2011/ [10/4/10]               

5 - usnews.com/opinion/blogs/robert-schlesinger/2011/09/20/poll-most-americans-support-obama-deficit-plan-to-tax-rich [9/20/11]               

6 - nytimes.com/2011/08/15/opinion/stop-coddling-the-super-rich.html [8/14/11]     

7 - money.cnn.com/2011/09/20/news/economy/buffett_rule_milllonaires/index.htm [9/20/11]

8 - theatlantic.com/business/archive/2011/09/chart-of-the-day-buffett-rule-wouldnt-bring-in-much-revenue/245404/ [9/20/11]      

9 - bloomberg.com/news/2011-09-19/-millionaire-tax-seen-easier-said-than-done.html [9/19/11]              

Continue reading
730 Hits

What's the Worst that Could Happen?

 

September 20, 2011

 

If you've been paying close attention, you might have noticed that the U.S. and global investment markets have been bouncing around unpredictably from one day to the next, and every time there is a major move, you hear analysts mumbling something about the debt crisis in Europe. On the up days, they talk about light at the end of the tunnel. On the down days, they talk about the possible collapse of the Euro as a currency, or the breakup of the Eurozone.

 

The assumption seems to be that if Europe were to devolve back into multiple currencies, there would be dire consequences for the global economy--and your stock portfolio. Or, if the various bailout measures work, people seem to assume that the world will enjoy economic sunshine. 

 

On September 29, the German parliament will vote on whether to authorize a major bailout, and Austria and the Netherlands are expected to vote on similar proposals soon thereafter. We can expect more volatility in the next week or so, as pundits, economists and day traders speculate on which way the political winds are blowing.

 

But how important are these votes, really? What if the gloomiest predictions are right? What if Germany decides to leave the Greeks to their fate, and Greece were forced to secede from the Euro and start printing drachmas all over again? What if Ireland took back control of its own currency? Or (what seems to be the scariest scenario) if Italy were to drop out of the Euro to get its fiscal house in order?

 

A recent analysis by Stratfor Global Intelligence points out something that many people (especially investors) seem to have forgotten: that Europe's individual countries were the world's leading economic powers for centuries without the convenience of a common currency, and often while they were engaged in fierce wars with each other. Since World War II, before the advent of the Euro, the various citizens of Europe created a local free-trade zone. But even they adopted common guidelines for managing fiscal policy, and voted to create a common currency; they never gave up their local languages, customs or pride in their individual nationalities.

 

The Stratfor article points out the obvious: that Germany and Greece are still different countries in different places with different value systems and interests. The idea of sacrificing for each other was always a dubious concept, especially the idea of sacrificing in order to hang onto a mutual currency that nearly 50% of both populations never wanted in the first place.

 

If Greece--or any other nation--were to secede from the Euro, it might actually relieve the pressure that the world is experiencing now. Greece would be able to print more Drachmas, inflate its currency a bit, and make its foreign debt less onerous. Of course, this would function like a stealth tax on its citizens--their income would be worth less--so the pain would be shared among the European banks holding Greek bonds and the citizens who fiercely oppose paying higher taxes in order to pay off foreign creditors. This might be a more workable solution than either an outright default or German citizens reaching deep into their own pockets.

 

In fact, the Stratfor analysis suggests that this breakup might be inevitable anyway. "Does Greece or Portugal really want to give Germany a blank check to export what it wants, or would they prefer managed trade under their control?" it asks plausibly. "Play this forward past the euro crisis, and the foundations of a unified Europe become questionable."

 

Stratfor's conclusion is that Europe will remain an enormously prosperous place under either scenario--bailout or not. Does anybody seriously disagree with that? And yet isn't that what the pundits and others are ultimately calling into question? 

 

If the worst case were to play out, if Germany votes not to fund a bailout and several PIIGs decide to opt out of the Euro, what then? If our worst fears are realized and the consequences are not nearly as bad as everyone seemed to imagine, you might see a lot of investors returning to the market to buy the stocks they unloaded when they thought the world was going to end. 

 

Sincerely,

Edward J. Kohlhepp, CFP®, ChFC, CLU, CPC, MSPA

Edward J. Kohlhepp, Jr., CFP®, MBA

 

Please contact us whenever there are any changes to your financial situation, personal situation or investment objectives.

 

 

Sources:

www.bobveres.com

Germany's vote: http://money.cnn.com/2011/09/08/markets/europe_debt_crisis_/index.htm

Europe's potential breakup: http://www.stratfor.com/weekly/20110912-crisis-europe-and-european-nationalism

Continue reading
655 Hits

Assessing the American Jobs Act

 


Will Congress pass it? What difference could it potentially make?

 


September 13, 2011
 

On September 8, President Obama announced a new plan to improve the economy – the $447 billion American Jobs Act, a sequel of sorts to his past economic stimulus proposals. His announced goal: job creation without new taxation.

 

While the President took some sharp jabs at Republicans in his speech to Congress

(“I know that some of you have sworn oaths to never raise any taxes on anyone for as long as you live”), early indications are that the bill will have noticeable bipartisan support.1


What’s in this bill? The AJA would try to boost the economy through seven different tactics – extensions and expansions of tax breaks, and infusions of federal dollars.

 

  1. The current payroll tax holiday would be extended through the end of 2012.
  2. The payroll tax (Social Security) would fall to 3.1% - not only for workers, but also for businesses with payrolls of $5 million or less.
  3. Companies could get a tax credit as large as $4,000 for hiring the long-term unemployed (people who have been out of work for at least 6 months).
  4. Long-term jobless benefits would again be extended.
  5. $80 billion of federal money would be assigned to new infrastructure projects (highways, bridges and schools).
  6. Businesses could expense 100% of their investments in 2012, just as they have been able to do in 2011.
  7. Additional federal money would be given to struggling state and local governments to help them avoid layoffs of first responders and teachers.2,3

 

How could this all be funded without new taxes? President Obama claims the effort can be paid for as a byproduct of his plan to reduce the federal deficit (a plan he will discuss in greater detail in a September 19 speech).1,4

 

The bill isn’t set in stone yet. The AJA goes to the House for a vote this week, and though the House Republican leadership likes the essence of the plan, it may seek major alterations.

 

In a jointly authored statement issued on September 9, House Speaker John Boehner (R-OH), House Majority Leader Eric Cantor (R-VA), Majority Whip Kevin McCarthy (R-CA) and Conference Chairman Jeb Hensarling (R-TX) said the plan “merits consideration”, but they also hoped that the President’s ideas were not offered “as an all-or-nothing proposition, but rather in anticipation that the Congress may also have equally as effective proposals to offer for consideration.”4

 

Indeed, Republicans have had an alternative plan in the works for a while - the so-called Plan for America’s Job Creators - which centers on tax reduction, decreased non-defense discretionary spending and less costly industry regulations to stimulate private-sector job growth. There isn’t much support for it among Democrats.

                                                                                                                  

What do economists think the AJA could accomplish? Some think the economy would get some short-term relief if it became law. Others see an upcoming object lesson in failed Keynesian economics.

 

  • Moody’s Analytics chief economist Mark Zandi is big on the bill – he believes it could add 2% to GDP, cut 1% off the jobless rate, and create 1.9 million jobs in an economy “on the edge of recession”.
  • University of Pennsylvania Wharton School of Business professor Susan Wachter thinks the payroll tax reductions alone could generate 1 million jobs and expand the economy by 1%.
  • At Pimco, Mohamed El-Erian calls it a “credible program that is focused on the right structural areas.”
  • Unicredit’s Harm Bandholz thinks the AJA could “add up to 2 percentage points to growth in the coming year.”
  • “Bottom line: not a lot of bang for the buck here,” states Tom Porcelli of RBC Capital Markets, who feels that the economic impact of the infrastructure investments will likely be “fairly modest … the red tape and politics involved in allocating these funds makes the implementation a long and drawn-out process.”
  • The Heritage Foundation’s J.D. Foster sees “a bunch of retread policy ideas that two years after they were first tried managed to create an arithmetic novelty – exactly zero job growth in August. In total, the President is calling for more new spending on proven policies that are proven failures.”5,6

 

As the economy is in such a low gear, you may see Democrats and Republicans support the bill with newfound unity or at least tolerance. While America can’t reach across the Atlantic and fix the Eurozone crisis hampering world stocks, this envisioned stimulus could help our economy make some small strides.


 

Sincerely,

Edward J. Kohlhepp, CFP®, ChFC, CLU, CPC, MSPA

Edward J. Kohlhepp, Jr., CFP®, MBA

 

 



Please contact us whenever there are any changes to your financial situation, personal situation or investment objectives.

 

 

Citations.

www.marketinglibrbary.net

1 - advisorone.com/2011/09/09/obama-chides-congress-as-he-urges-passage-of-jobs [9/9/11]

2 - montoyaregistry.com/Financial-Market.aspx?financial-market=maxxing-out-your-ira&category=1 [9/9/11]

3 - money.msn.com/business-news/article.aspx?feed=AP&date=20110909&id=14243169 [9/9/11]

4 - latimes.com/news/politics/la-pn-house-jobs-plan-20110909,0,2297315.story [9/9/11]

5 - usatoday.com/money/economy/story/2011-09-09/obama-jobs-plan-economists/50336434/1 [9/9/11]               

6 - blogs.wsj.com/economics/2011/09/09/more-economists-react-gauging-impact-of-obama-jobs-proposal/ [9/9/11]           

6 - blogs.wsj.com/economics/2011/09/09/more-economists-react-gauging-impact-of-obama-jobs-proposal/ [9/9/11]         


 

Continue reading
711 Hits

Debt Deal, Downgrade, Dow Drop...Where Have We Landed?

 
   

 

Will stocks manage to stabilize before summer ends?

 

 

 

August 24, 2011

 

August 2011 is on pace to become the roughest and most volatile month for the stock market in almost three years. Where exactly will this correction bottom out? How long will buyers stay on the sidelines?

 

Two crucial questions await answers – but before turning to those questions, consider the developments that really hurt equities in the middle of August.

 

Morgan Stanley and JPMorgan Chase forecasts depressed investors. On August 18, Morgan Stanley said it had cut its global growth forecasts, citing “policy errors” on the part of the U.S. and European Union. It now anticipates global growth of 3.9% for 2011 (down from the previous estimate of 4.2%) and it sees the global economy expanding by 3.8% in 2012 (down from its previous forecast of 4.5%). JPMorgan Chase revised its 4Q 2011 U.S. GDP projection down to 1.0% from the previous 2.5% on August 19; on the same day, Goldman Sachs cut its 4Q GDP prediction to 1.5%.1,2,3

 

Morgan Stanley stated that America and Europe could slide into a recession in 6-12 months – not one as severe as the downturn of 2007-09 given that many household, corporate and bank balance sheets are healthier today, but a recession nevertheless.1

 

The EU’s latest attempt to curb sovereign debt looked weak. On August 16, German chancellor Angela Merkel and French president Nicolas Sarkozy offered three new measures to address the European Union’s debt crises. They proposed requiring all 17 EU nations to craft and pass constitutional amendments requiring balanced budgets. They also mentioned enacting an EU-wide tax on financial transactions in 2012, and creating a new joint-governance council that would convene every 6 months to assess and plan to fine-tune the EU economy.4,5

 

This was not what Wall Street wanted to hear. The proposals seemed inadequate to many analysts. Rather than revising the business model of the European Union, Merkel and Sarkozy reaffirmed a commitment to the euro and implied that the biggest EU economies (read: Germany and France) would be taking the hit for the mistakes of their poorer, more indebted brethren. As some of these proposed measures will have to be approved by popular vote in Germany and France, who knows if they will be adopted.4

 

If stocks are to rebound in the near term, the answers to two major questions will both have to be “yes”.

 

Q: Can the EU make decisive moves to combat its debt crises? Wall Street (and many economists) would like to see the EU create a “Eurobond” – a euro-denominated debt security backed by the EU as a whole. An EU-wide debt security could result in lower interest rates in the most debt-plagued EU nations. (Bond yields vary widely from nation to nation in the EU at present.)6

 

The EU could make another strong move by bolstering its euro stability fund. At present, Sarkozy and Merkel believe that the fund’s 440-billion-euro balance is acceptable, and they do not think that a Eurobond would be the silver bullet to solve the crisis.4

 

Q: Can American consumers keep spending? We can’t predict the future, but the July retail sales figures from the Census Bureau are encouraging. Overall retail sales were up 0.5% in that month, more than double the increase economists widely forecast. There were notable monthly gains in auto and auto parts sales (+0.4%), electronics and appliance sales (+1.4%), clothing store sales (+0.5%), furniture sales (+0.5%) and online retail purchases (+0.9%). So we are seeing some good signals in terms of the more discretionary kinds of spending, in addition to the 0.5% July increases in spending on food and the 1.7% advance in retail gasoline sales. Factor in the pullback in gasoline prices we’ve seen recently, and consumers might have even more money for discretionary purchases in August.7

 

Regardless of the near-term answers, exiting stocks might not be wise. While past performance says nothing of future results, a newly released Fidelity study really illustrates the merits of perseverance. Fidelity looked at 7.1 million 401(k) accounts within its employer-sponsored retirement savings plans to compare returns for investors between October 1, 2008 and July 1, 2011. It found that plan participants who set equity allocations to 0% sometime between October 1, 2008 and March 31, 2009 have seen account balances increase an average of 2% since that decision, while investors who simply left asset allocations in stocks unchanged during those 6 months saw their account balances rise by an average of 50%.8

 

Many market bears thought it would take years for Wall Street to recover from that downturn, and some thought the post-Lehman “new normal” would be a Dow in the 8000s – or the 4000s. Then the gloom lifted, earnings and indicators improved and stocks took off.

 

There’s an old saying that you don’t want to miss the best market days. While there’s no telling if those days are weeks, months or years away, investors who stay in stocks have a chance to capture their potential.

 

Sincerely,

Edward J. Kohlhepp, CFP®, ChFC, CLU, CPC, MSPA

Edward J. Kohlhepp, Jr., CFP®, MBA

 

 

“We can’t quite decide if the world is growing worse, or if the reporters are just working harder.”

-          The Houghton Line, November 1965


 

 

 

 

 

Please contact us whenever there are any changes to your financial situation, personal situation or investment objectives.

 

 

Citations.

Marketing librbary.net

1 - money.cnn.com/2011/08/18/news/international/markets_morgan_stanley/index.htm?iid=EL [8/18/11]      

2 - money.cnn.com/2011/08/19/markets/markets_newyork/index.htm [8/19/09]  

3 – cnbc.com/id/44210055 [8/19/09] 

4 - money.cnn.com/2011/08/19/news/international/european_union_debt_crisis/index.htm?iid=Lead [8/19/09]          

5 - reuters.com/article/2011/08/16/eurozone-francogerman-idUSLDE77F12B20110816 [8/16/09]         

6 - money.cnn.com/2011/08/16/markets/thebuzz/index.htm?iid=EL [8/16/11]       

7 - zacks.com/stock/news/58936/Reports+of+the+Consumer%27s+Death+Are+Greatly+Exaggerated [8/12/11]

8 - cnbc.com/id/44204393 [8/19/11]

9 - montoyaregistry.com/Financial-Market.aspx?financial-market=the-financial-security-rulebook-5-crucial-steps&category=3 [8/19/11]

 

Continue reading
1042 Hits

Cruising Toward Resolution

 

August 22, 2011

 

Two weeks ago, the markets were rocked by the Standard & Poors ratings downgrade of longer-term U.S. Treasury securities. This past week, it was problems with European debt.

 

It's not immediately obvious, even for financial professionals, why U.S. stocks should suffer because Greece or Italy have trouble paying their debt obligations. But in a recent posting, Mohamed El-Erian, who serves as co-CEO of PIMCO, the world's largest bond management company, made an interesting analogy that helps to make the situation a bit clearer.

 

His analogy suggests that we think of the European Central Bank as a Coast Guard cutter in the Mediterranean, and it gets a warning that a relatively small cruise ship called Greece is in trouble. The ship passed through a significant storm called 2008, and now, through poor planning, has run out of food and fuel and is in danger of sinking. True to its mission, the Coast Guard cutter sets out to tow the battered ship back to shore.

 

But then the rescue ship receives another message. A somewhat larger cruise ship is also in trouble, as a result of the same storm. Another call comes in, another ship is foundering. And then one of the larger vessels, called Italy, announces that it is in trouble as well.

 

What to do? Nobody prepared for the possibility that more than one ship would be in danger at once, much less four or five. The Coast Guard vessel can think of only one thing to do; it radios the two largest cruise ships in the Mediterranean, called Germany and France, and asks them to participate in the rescue operation, by cutting short their trips, sharing the food and fuel that was set aside for their passengers, and basically rescue the cruise ship business before too many future passengers become disenchanted and cancel their tickets.

 

The captain and the cruise ship lines (the leaders of France and Germany) are willing to help out, but the passengers are extremely restless. Why should their trip be sacrificed? Why should the food they paid for be shared with the passengers of less stable or thrifty cruise lines? The captains of the France and Germany cruise ships are afraid their passengers will mutiny if they execute a rescue, and afraid of the consequences if there is no rescue and one of the smaller cruise ships goes down with passengers and crew.

 

The world, of course, is watching. The overwhelming hope is that the larger ships will come and save the day. The fear is that they may not. Meanwhile, El-Erian says, the crew of the struggling rescue vessel is struggling with a once-unthinkable decision: should they throw somebody overboard to lighten the vessel and save the rest of the passengers?

 

This, El-Erian says, is the European Central Bank's situation today. And if we have learned anything since 2008, it is that in such a highly-connected global economy, if one major entity is allowed to go under the waves (think Lehman Brothers), the entire global system will be negatively affected. Hence, investors sell stocks in fear of another 4th quarter of 2008.

 

How likely is that? El-Erian points out that there are three possible endgames to the European Sovereign debt crisis. One is a disorderly breakup of the eurozone, which would mean temporary economic chaos. This could happen if the countries with the most debt problems--Greece, Ireland, Portugal, Iceland, Spain and Italy--fail to address their fiscal balance sheets due to pressure from their voters. To return to the cruise ship analogy, the people aboard the vessel named Greece believed that they paid for an appropriate ticket, and now the captain is telling them that they will have to sacrifice their vacation and pay back the Coast Guard and the other cruise ships. The response, for some, has been rioting.

 

A second possibility is a tighter fiscal union among the European countries, which basically means that Germany (and, to a lesser extent, France) reaches into its pocket and bails out the debtor nations to the south. In return, Germany gets more control over the economic governance of the other members of the European Union. The slogan of this approach: never again will we float unsafe vessels.

 

And the third? Several economists, El-Erian says, have floated the idea that two or three "peripheral economies" (Greece and Italy) would take a sabbatical from the euro. They would go back to their own currencies, which would allow them to devalue immediately, making their exports more competitive and their debt less costly. Instead of imposing an unpopular new tax on the population, the countries would impose a stealth tax in the form of higher inflation. Meanwhile, the euro becomes stronger. The motto: fix your own vessels, and then come back to see us when you're finished.

 

As one of these scenarios plays out, it might become obvious that many American and European stocks are currently being affected more by anxiety and uncertainty than by any direct connection with the Euro's woes. A report recently noted that Apple Computer was worth more than all 32 of Europe's largest banks. If chaos reigns across the Atlantic, there could be a flood of capital looking for a safe, liquid home in the U.S. stock market.

 

Sincerely,

Edward J. Kohlhepp, CFP®, ChFC, CLU, CPC, MSPA

Edward J. Kohlhepp, Jr., CFP®, MBA

 

 

“Blessed are the young, for they shall inherit the National Debt”

-          Attributed to Herbert Hoover


 

 


 

Please contact us whenever there are any changes to your financial situation, personal situation or investment objectives.

 

Source:

BobVeres.com

http://www.project-syndicate.org/commentary/elerian8/English

http://www.cultofmac.com/apple-was-worth-more-than-all-the-banks-in-europe-earlier-today/109642
 

 

Continue reading
660 Hits

Archived Newsletters


Investment Updates

Newsletters Sign Up

Account Login

Contact Info

Kohlhepp Investment Advisors, Ltd.
3655 Route 202, Suite 100
Doylestown, PA 18902
Phone: 215-340-5777
Fax: 215-340-5788
Email: Info@KohlheppAdvisors.com

Securities offered through Cambridge Investment Research, Inc. a Registered Broker/Dealer, Member FINRA/SIPC. Investment Advisory Services offered through Kohlhepp Investment Advisors, Ltd., a Registered Investment Advisor. Kohlhepp Investment Advisors, Ltd. and Cambridge Investment Research Advisors, Inc. are not affiliated.

Due to various state regulations and registration requirements concerning the dissemination of information regarding investment products and services, we are currently required to limit access of the following pages to individuals residing in states where we are currently registered. We are licensed in the following states: AZ, CA, CO, DE, FL, GA, IN, KY, LA, MA, MD, NC, NJ, NY, OR, PA, RI, SC, TX, VA, VT, WA


Check the background of this firm on FINRA's BrokerCheck