“Whereas incentives act as a dose of Lipitor to today’s weak monetary system, unnecessary taxes add cholesterol, delaying a smooth economic recovery, or worse, causing the economic equivalent of a heart attack,” according to Holmes.
“Taxing financial transactions would just be foolish revenge, generating regrettable outcomes,” Tulane Law Review Professor Richard T. Page wrote in a paper, contending that taxes should be used to curtail undesirable behavior instead.
For more information on tax consequences in ETFs, visit our taxes category.
Max Chen contributed to this article.