It is premature to try to predict what, if any, action Congress will take in the debate over changing taxation on exchange traded notes, SIFMA President and CEO Marc Lackritz writes in this letter to the editor. Lackritz argues mutual funds and ETNs should be taxed differently because they are different products, adding: "Taxing ETNs' phantom income for the sake of mutual funds' competitive advantage is wrong. Investors should only be taxed on income that is actually received. Anything beyond that would stifle innovation at the expense of investors."

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