Tax Flight to Munie-Bonds
By Jacob Feldman • Tuesday, July 28, 2009 5:28 pm
According to an article from the National Review, Obama’s inauguration speech triggered “one of the greatest munie-bond rallies in history.” Municipal bonds (munies) are rising in value as the threat of additional taxation looms.
“Alas, tax rates are going up — nationalized health care or not. And we now know for certain how cheetah-like American investors will respond. They will continue to put their money in munies and various other tax-favored real-estate developments. They also will stash their cash in complicated and irrevocable trusts that are not worth the trouble when the top income-tax rate is 35 percent, but will become eminently reasonable when that rate hits 50 percent. Right now, the smartest lawyers and accountants in the country are dreaming up incredibly complex strategies to shelter their clients from Obama’s millionaire surtax. And protected they will be, although the broad result will be economic stagnancy as investment capital goes on strike…
Call it the return of the tax-shelter president.”
Call it the return of the tax-shelter president.”
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