The proposed 28% cap on the value of tax exemption would be far less damaging for the municipal bond community than a top income tax rate of 25%, a former congressional tax counsel said here at a conference.

Speaking on a panel here at the American Bar Association’s tax-exempt financing committee meeting John Buckley, former chief democratic tax counsel on the House Ways and Means Committee, added that from a substantive standpoint, the 28% cap is the most likely proposal to be considered by lawmakers.

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