Well, almost no one does, but someone has filed a whistle-blower claim with the IRS that this pricing arrangement is an illegal tax dodge: https://www.nytimes.c

Well, almost no one does, but someone has filed a whistle-blower claim with the IRS that this pricing arrangement is an illegal tax dodge: https://www.nytimes.com/2016/02/07/your-money/vanguard-a-champion-of-low-fees-faces-a-peculiar-tax-challenge.html https://www.nytimes.com/2016/02/07/your-money/vanguard-a-cha... It seems as though that case is still pending resolution.