Section 61 indicates that gross income “from whatever source derived” is taxable. Select a type of income that you know to be taxable under Section 61 and prepare a cogent, academic, policy argument for why it should not be taxed. Be sure to incorporate the following elements:
- Your cogent, academic, policy argument
- How Adam Smith’s elements of taxation are impacted by the decision to not tax the type of income you picked.
- Who in society will win or lose based on the change in policy.
- At least one unintended consequence of the change in policy.
Your initial posting should be 250-500 words.
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Please ensure to include your citations. Thank you.