RJ and Makay

It's tax time again, the time of year a lot of us feel more than a little resentment about the chunk of our earnings Uncle Sam grabs for America's coffers. Of course, as with anything else, ranging attitudes about taxes is all a matter of perspective. Perspectives differ, especially between the half of the country paying income taxes and the half that virtually don’t.

According to the latest estimates from the Organization for Economic Cooperation and Development (OECD), a Paris consortium that tracks financial conditions in 34 nations, 24% of the U.S. economy as measured by gross domestic product (GDP) goes to taxes collected by all levels of government.

Financial advisors' earnings declined 11% last year, indicates a new poll by the College for Financial Planning. Among 345 Certified Financial Planner (CFP) certificants and recent graduates of the College's CFP program, average annual earnings were $190,922 last year compared with $215,345 in 2009 and $195,349 in 2008. Residual effects of the recession were responsible for last year's decline, the College suggests.

Although they made less money last year, 94% of respondents said they're happy with their career choice. The poll also found respondents are:

A new salary survey by the Financial Planning Association (FPA) confirms it: Having those letters after your name makes a difference in how much income you make as a financial advisor. And some designations provide more of an advantage than others.

For example, a senior financial planner with the Chartered Life Underwriter (CLU) or Chartered Financial Consultant (ChFC) credentials earns 28% to 31% more than a Certified Financial Planner (CFP) certificant, according to the survey. Indeed, median annual compensation for senior planners with a ChFC or CLU was $130,000 to $133,000 compared with $101,000 for those with a CFP. Among sole practitioners, median annual compensation ChFCs and CLUs was $83,000 to $89,000 versus $80,000 for CFPs.