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Tax-equivalent yield = Municipal bond yield / (1 – your total tax rate) For example, imagine you pay federal tax at a 24 percent rate and state tax at a rate of 6 percent, and the municipal bond ...
The Vanguard Tax-Exempt Bond ETF is an index fund that seeks to track the performance of a benchmark measuring the investment-grade U.S. municipal bond market. At least 80 percent of the fund’s ...
The appeal of municipal bonds lies in their tax advantages. Their interest income is typically exempt from federal income tax, and potentially state and local taxes if the investor resides in the ...
Interest income from most municipal bonds is excludable from gross income for federal income tax purposes, and may be exempt from state income tax as well, depending on the applicable state laws. [14] Internal Revenue Code section 103(a) is the statutory provision that excludes interest on municipal bonds from federal income tax. [15]
Muni arb is a relative value strategy that seizes upon an inefficiency that is related to government tax policy; interest on municipal bonds is exempt from federal income tax. [1][2] Because the source of this arbitrage is artificially imposed by government regulation, it has persisted (i.e., it has not been "arbed away") for decades. [3]
General obligation bond. A general obligation bond is a common type of municipal bond in the United States that is secured by a state or local government 's pledge to use legally-available resources, including tax revenues, to repay bondholders. [1]
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