Taxing Municipal Bond Income

Taxing Municipal Bond Income by Lyle C. Fitch addresses one of the most contested questions in American fiscal history: whether interest from state and local government bonds should remain exempt from federal income taxation. Tracing the debate from its origins in the late nineteenth century through the Pollock decisions and the ratification of the Sixteenth Amendment, Fitch shows how this exemption, though modest as a source of federal revenue, became a symbolic battleground over issues of...