Congress has the power to tax income

Reference no: EM13674719

Congress has the power to tax income "from whatever source derived." Do you believe that this allows congress the discretion to tax municipal bond interest (or other tax-exempt income) earned throughout a tax year retroactively if the law to make this income taxable is not enacted until the very end of the tax year? (Note: The Relief Act of 2010 retroactively reinstate the estate tax for decedents dying in 2010 late in the year after it originally had been scheduled to be repealed for 2010.)

Reference no: EM13674719

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