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March 03, 2014

Michael Decker, Managing Director and Co-Head of Municipal Securities at SIFMA, issued a statement raising concerns over a municipal bond tax increase in the House Republican tax reform proposal. Mr. Decker stated that he is disappointed that the proposal includes both a new 10-percent tax on otherwise tax-exempt interest income and a prohibition of private-activity bonds and advance refunding bonds. Mr. Decker explained that the new tax increases would be "borne ultimately by states and localities in the form of higher capital costs," which could lead to higher state, local property and