STEPHEN MOORE And PHIL KERPEN: Our Tax Code Shouldn’t Penalize The Little Guy
By Stephen Moore
Published on March 9, 2026.
The Trump tax bill, which was supposed to benefit all American-grown businesses, inadvertently disadvantages some small businesses compared to large corporate competitors. The 300,000 local independent financial advisors, whose clients include every major Wall Street bank and investment brokerage, face a 37% tax rate due to Treasury Department bureaucrats excluding them from the full benefit of the small business tax deduction. This has led to a situation where big financial advisory firms pay lower tax rates than the little guys who set out their own shingle. Independent financial advisors are the backbone of financial guidance on Main Street America, providing personalized advice to millions of Americans saving for retirement, college, or a rainy day. However, insurance agents and brokers, who operate under identical business models, qualify for the full exclusion. The authors argue that this disparity is economically foolish and a simple solution is President Donald Trump and Treasury Secretary Scott Bessent.
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