在公司债券与市政免税债券中可以寻求高收益，只是要额外承担不同程度的风险。
You can seek higher yields among corporate bonds and tax-free municipals, which involve varying degrees of extra risk.
BiancoResearch公司的HowardSimons认为，免税主要影响的是富裕的纳税人，由于税法经常改变，他们无法确定(免税债券的)收益。
And the exemption mainly affects wealthy taxpayers, who are unsure of its benefit because of a constantly changing tax code, says Howard Simons of Bianco Research.
随着债券保险的缺失，这使得较小的借款者(他们最主要的吸引力是他们的免税地位)，生活更艰难。
Along with the scarcity of bond insurance, that could make life even harder for smaller borrowers whose principal appeal was their tax-exempt status.
来自加州的众议员DEVIN .Nunes已经提出一个法案，要求各州转而采用更加透明的会计准则，违者将被禁止发行免税的地方债券。
Congressman Devin Nunes of California has put forward a bill that will require states to move to more transparent accounting, on pain of being barred from issuing tax-exempt municipal bonds.
那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。
That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.
免税的债券；免税的报销单。
免税的债券；免税的报销单。
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