The proposed cap of 28% may be a zero-sum game at best because it could increase costs for nearly all taxpayers. While there are additional arguments against adjusting the municipal tax exemption, the culmination of these factors indicates that such a significant change could alter what has served as one...
Commentary: The Zero-Sum Game of an Exemption Cap
APR 12, 2013 10:38am ET
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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.
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