After months of rancorous fighting, Congress narrowly passed a last-minute deal to avoid most of the scheduled tax hikes and spending cuts and did not include a cap on tax exemption, allowing the muni market to breathe a temporary sigh of relief.
Muni Market Breathes Temporary Sigh of Relief
JAN 2, 2013 4:21pm ET
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"One of these things does not belong" is a catchy slogan and it comes to mind when looking at the latest tax policy ideas coming from Washington when looking at the municipal bond tax exemption. The exemption is not a result of the growth of a tax code designed to induce or reduce certain behaviors. Rather, it is the foundation for the flow of capital in a $3.7 trillion dollar market required to efficiently finance the nation's infrastructure.
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