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Another Tax Day has come and gone. This was the first year that Americans paid taxes under President Donald Trump’s tax cuts. And yet many filers -especially those living in high income tax states such as New York, California and New Jersey - saw their payments rise significantly due to state and local tax ((SALT)) deductions being capped at $10,000.
This change has been a boon for municipal bonds, which are exempt from taxes not only at the federal level but also, in most cases, state and local levels.