The “heartbeat” tax dodge employed by ETFs added up to a $23 billion no-interest loan from the US Treasury to investors.

The Morning News https://bloom.bg/2Uj0rdD

Imagine that a grocer got a tax deduction every time someone returned a box of cornflakes to his store. Heartbeats are when the grocer asks a friend to buy all the boxes and return them, just to pocket more deductions.

↩︎ Bloomberg

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