Khi bạn đang so sánh, thành phố trực thuộc Trung ương với Bộ Tài chính Mỹ thay thế, bạn cần phải tính toán TEY cho Kho bạc cũng, kể từ khi Kho bạc được miễn thuế nhà nước. Để làm như vậy, trừ đi tỷ lệ thuế tiểu bang của quý vị từ số 1. | 46 MUNICIPAL BONDS When you are comparing a municipal with a . Treasury alternative you need to calculate the TEY for the Treasury also since Treasuries are exempt from state taxation. To do so subtract your state s tax rate from the number 1. Then divide this into the Treasury yield-to-maturity YTM . . Treasury s TEY YTM 1 - State tax rate To summarize . Treasuries are free from state taxation. Municipals are free from federal taxation and in most states free from state taxation their own issues . So you need to calculate the appropriate TEY for each in order to equitably compare them. Corporate bonds are fully taxable so there is no need to calculate a TEY. Moral of the story Do the math it will make you money. But if you re still stymied and realize how important it is many online investment sites provide TEY calculators. GENERAL OBLIGATIONS GOs backed the interest payments are pledged to be paid by . the bond could be backed by a bank equipment escrow account etc. . General obligation GO not pronounced go it s gee-oh municipal bonds are backed by the taxing authority of the issuer. In other words the local government is pledging to pay back your principal and interest with money it receives either from taxpayers or from future bond issues. No specific project is pegged to raise funds to pay GO investors. For example the issuer has not said investors will be paid back with money earned from the state s water project. The issues are paid off with money from the general coffers of the government. GO ratings reflect how fiscally responsible the issuing governmental agency is. As with any bond the better Revenue Bonds 47 the government s credit standing the better its rating is and the lower the interest rate it can borrow at. If it is less of a risk it can offer lower rates and still attract investors. For example Weston Massachusetts a wealthy Boston suburb is AAA-rated and rarely issues bonds because it doesn t need the money If Weston had issued a .
