Commentary The Constitution granted Congress power to impose personal income taxes before ratification of the 16th Amendment, but the 16th Amendment facilitated the power. This essay explains the amendment’s background and effect. This essay also corrects several longstanding myths about the Constitution and taxation. These myths have real world effects: For example, they led to…
Democrat Proposal Seeks to End Tax Break on Exchange-Traded Funds
A top Senate Democrat has floated plans that would eliminate a tax break that exchange-traded funds (ETF) now enjoy, potentially forcing these and other Registered Investment Companies (RIC) to bring forward the tax burden for millions of investors. Sen. Ron Wyden (D-Oregon) last week issued a proposal for draft legislation (pdf) that would tax ETFs’…
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