WASHINGTON — State and local governments issuing new muni bonds are disclosing that President Obama’s proposed 28% cap on tax-exempt interest for higher-income taxpayers, if enacted, could lower the value of the bonds or impair their marketability.

The disclosures surfaced within days after the president announced the American Jobs Act of 2011, which 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%.

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