Tax exempt municipal bonds are a financing mechanism that has existed since the income tax was initiated in 1913. In the last ten years nearly $2 trillion of schools, bridges and highways have been built using tax exempt bonds. Seventy-five percent of this country’s infrastructure is financed using these bonds, including building and maintaining business corridors to facilitate product transport and provide easy access for customers. President Obama has proposed to cap the tax exemption on municipal bonds. If we eliminate or limit this exemption, the roads, bridges, schools and other infrastructure that drive our economy will either cost more or will not be built. In addition, higher costs for sewer and water lines mean higher rates for ratepayers, and that is bad for businesses.
Contact Mayor Scott Smith at email@example.com; (480) 644-2388.