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If taxes go higher, will munis be hurt?

edited May 13 in The Bullpen
www.putnam.com/individual/content/perspectives/8246-if-taxes-go-higher-will-munis-be-hurt

If taxes go higher, will munis be hurt?
Paul M. Drury, CFA, Portfolio Manager, and Garrett L. Hamilton, CFA, Portfolio Manager, 05/11/21

The president has made proposals for individual income tax increases
As proposed, we would not expect the modest increase in the top federal income tax bracket to have a large impact on taxable equivalent yields
We would not expect muni/U.S. Treasury yield ratios to move abruptly with the proposed changes to the top income bracket****

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