Mayor Benjamin recently sat down with the Bond Buyer to discuss the importance of advance refundings for municipal bond issuers, his agenda as president of the U.S. Conference of Mayors, and the work of the MBFA coalition.
In the last week, even as the bells began their mournful knell on Patriot’s Day in Boston and just before a scene of absolute devastation ripped apart the community of West, Texas, Rep. Devin Nunes, R-Calif., and Messieurs Erskine Bowles and Alan Simpson separately proposed threats to state and local tax-exempt municipal bonds.
The municipal bond market was dealt a harsh blow. On Wednesday, President Obama released his fiscal 2014 budget proposal. It had about $800 billion in new taxes over the next 10 years, says TheStreet’s Joe Deaux. The plan also includes measures to place a 28% cap on the amount of interest bond investors can deduct from their taxable incomes.