Democratic Tax Proposal Takes Aim at ETFs

A high Senate Democrat has been circulating a proposal that may hit the quickly rising world of exchange-traded funds. Large cash managers are bracing for a combat.

Senate Finance Committee Chairman Ron Wyden’s proposal goals to tax ETFs’ use of “in-kind” transactions that at present avoids triggering capital-gains taxes. With such in-kind transactions, ETFs—bundles of securities that commerce on exchanges—switch appreciated inventory, bonds or different belongings to Wall Avenue intermediaries as an alternative of money. | Democratic Tax Proposal Takes Purpose at ETFs


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