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Article: Tax reform plan of Rep. Gephardt would tax interest of municipal debt.(Richard A. Gephardt)
- Article from:
- The Bond Buyer
- Article date:
- July 7, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The tax exemption for municipal bonds would be eliminated under a major tax reform package unveiled yesterday by House Minority Leader Richard A. Gephardt, D-Mo.
Under the plan, all income would treated the same, "whether a taxpayer earns money from hard work or from investment," Gephardt said while outlining his proposal in a speech to the Center for National Policy at a hotel here.
Interest earned on municipal bonds would be considered taxable income wiping out the tax advantage of municipal bonds - and most itemized deductions, including state and local taxes, would be eliminated. Only the home mortgage deduction would be allowed under Gephardt's package, ...