Sen. Ron Wyden on Tuesday underscored his opposition to tax exemptions for new muni bonds, saying it is inefficient and that tax-credit bonds would benefit a broader set of taxpayers, not just high-net-worth individuals.

The Oregon Democrat touted the tax-credit bond proposal at a tax-reform panel discussion at Johns Hopkins University. Last week, Wyden and Sen. Dan Coats, R-Ind., introduced tax-reform legislation that would eliminate tax-exempt interest for new state and local debt in favor of tax-credit bonds. The bill also would eliminate advance refundings for governments and nonprofit organizations. It also would eliminate the alternative minimum tax and establish three, instead of six, income tax rates at 15%, 25% and 35%, for individuals.

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