4.27.21 Infrastructure Plan, Higher Income Taxes and Municipal Bonds
President Biden’s recently proposed $2 trillion infrastructure investment plan would, if enacted as-is—a big “if” for sure— provide much needed support to traditional infrastructure projects like roads and bridges amongst other projects. While the plan would tangentially support the municipal market through better economic growth and higher tax revenues, there could be other provisions that would impact the municipal market more directly. Three provisions in particular stand out to us as being supportive of current municipal market valuations:
• Higher income taxes: Along with higher corporate i
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