«Beyond that, clients have all the exemptions and deductible expenses, some portion of their total receipts are taxed at (lower) dividend or capital gains rates,
muni bond payments are not taxed by the federal government at all (unless you are in the AMT), losses are harvested out of the investment portfolio, and many advisory clients have a host of other lines filled out on their tax forms that blunt Uncle Sam's fingers in your client's wallet.»