The debate over whether Washington should raise cash by raising tax rates on the richest Americans has reached the wirehouses as the chief financial officer of Morgan Stanley appears to be arguing against the firm's wealthy clients.
Ruth Porat told the audience at a conference sponsored by the Economist that "the wealthiest can afford to pay more in taxes."
Those remarks cut through all the industry's hedging on tax policy.
A lot of advisors -- at Morgan and elsewhere -- have been warning their clients for years that taxes have to go higher.
After all, the government is bleeding money after bailing out Wall Street, and rates are at a historic low. Simple reversion to mean would indicate a larger tax burden in the future.
Naturally, helping high-net-worth families cope with various tax scenarios is part of what good advisors do.
And your clients may be on Ruth Porat's side. She's compensated very well as one of the top executives at Morgan Stanley.
Ask them how they feel about their tax responsibilities before you jump to any conclusions about whether they want to pay the government more. They might; they might not.