Comment on “Who Benefits from Tax-Exempt Bonds?”
Author: Philip J. Fischer.
Source: Volume 35, Number 02, Summer 2014 , pp.81-82(2)
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Abstract:
In a positive assessment of “Who Benefits,” Phillip J. Fischer, head of Municipal Bond Research and Indices at Bank of America Merrill Lynch suggests that a focus on improving the calculation of municipal tax expenditures may not be the right one, that the very notion of “tax expenditures” is outdated, and that in tax-exempt bonds, tax and market efficiency are hampered by the very regulations that confer tax advantages.Keywords: tax expenditures; IRC Sec. 103 and 265
Affiliations:
1: Bank of America Merrill Lynch.