WASHINGTON — The $447 billion American Jobs Act of 2011 that President Obama sent Congress late Monday would bar wealthy investors from using tax-exempt bond interest and other tax exclusions, expenditures and deductions to reduce their income tax rates below 28% — a proposal that would have significant adverse impacts on the municipal bond market.

The restriction would apply to single taxpayers with incomes of $200,000 or greater and married couples with incomes of $250,000 or greater. It would apply to taxable years beginning on or after Jan. 1, 2013.

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