Income taxes

The Institute on Taxation and Economic Policy in Washington as well as Americans United for Separation of Church and State are objecting to that aspect of the proposed IRS regulation.

The market awaits Gov. J.B. Pritzker's fiscal 2021 budget proposal next month before turning to November's progressive income tax vote.

The New Jersey governor is continuing his push for a tax on incomes above a million dollars after lawmakers rebuffed him during his first two years in office.

Another round of tax legislation is not expected to emerge until the very end of the year after the presidential election or in 2021 after a new Congress is sworn in.

The legislation, which would make tax-exempt municipal bonds more attractive for high-income income retail customers, has no chance of becoming law.

The additional revenue from permanently increasing the top individual tax rate to 39.6% from the current 37% would help pay for a temporary two-year suspension of the SALT cap.

The Metropolitan Nashville Airport Authority prices $807.7 million in subordinate bonds Thursday for the capital plan.

The $10,000 limit on the SALT deduction caused an estimated 10.88 million individual taxpayers to lose $323.1 billion in tax deductions for the 2018 tax year.

Richard Taormina, head of Tax Aware Strategies at JPMorgan Asset Management, talks about the value of municipal bonds and focuses on performance, foreign demand and the effect of the tax reform legislation on the market. Chip Barnett hosts this podcast, which was recorded in early October.

Next week's $500 million taxable revenue bond deal is backed by a 1% surcharge on annual incomes higher than $1 million.