Inside 208

We continue to track potential federal action that could eliminate the tax exemption for municipal bonds. Recently, an informal economic adviser to President Donald Trump, suggested eliminating the tax exemption for municipal bonds in an interview and shared a tweet that read “An Easy Way to Save $250 Billion… Currently, the deduction primarily benefits Wall Street traders, mayors, and public unions-hardly a fiscally responsible choice for a nation grappling with debt.”  

There is good news though, and an opportunity for you to help, but we must act immediately.

Congressman Don Bacon (R-NE) is sponsoring a Dear Colleague letter in support of preserving the tax exemption for municipal bonds. This is an incredibly important step for Congressional members to publicly demonstrate their support for bonds. We are aiming to secure co-signers from our Michigan delegation.

Many of you have already been engaging with offices on this issue, and we encourage you to share the sign-on link with your members of congress. The League will also be reaching out, but we need as many hands on deck as possible. 

Here is the Quill Link to pass along to the office so they can join the letter: https://quill.senate.gov/letters/letter/23796/opt-in/view/7eab4490-e630-4bf9-9232-2fa3b00ac43b/. This link can only be accessed by congressional offices.

Here is a link to a copy of the letter. Letter to Chairman Smith_Letterhead_Draft Watermark

This is a very quick turnaround. The deadline for offices to sign on is Thursday, April 3, at 5 PM ET. Please reach out as soon as possible.

John LaMacchia is the League’s director of state & federal affairs. He can be reached at [email protected] or 517-908-0303.