The US income tax base excludes:(1) interest on state and local bonds, (2) employer contributions to pension and medical plans, (3) gifts and inheritances.

美国所得税的税基不包括：（1）州和地方债券的利息；（2）雇主向养老金和医疗计划的缴款；（3）赠与和遗产。

youdao

(by comparison, America's net foreign liabilities are 17% of GDP.) Much of their debt is being financed by local bank borrowing or bonds sold to investors in creditor countries, such as Germany.

(相比之下，美国的净外债仅占其GDP总量的17%)这些债务中的多数，来自当地银行的贷款，或是向债权国，比如德国出售债券。

youdao

HFT firms which seek to exploit currency movements or arbitrage price differences between local-currency and foreign-currency bonds want to move funds in and out of a country with minimal friction.

那些利用货币走势的或是利用本币和外币债券之间的差价套利的高频交易公司，希望能够以最小的阻力将资金注入或撤出某个国家。

youdao

Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.

现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产

耶鲁公开课 - 金融市场课程节选

They deal with, principally, state and local governments who are issuing bonds to raise money for their activities, like New Haven, for example, or any other state or local government.

他们主要与,州和当地政府打交道,这些政府机构通过发行债券筹资,例如纽黑文市,或者其他的州,或者其他的当地政府

耶鲁公开课 - 金融市场课程节选

The government recently has simplified rules governing foreign investments in local bonds to attract capital flows and narrow its current-account deficit.

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They include the tax exclusion for employer-sponsored health insurance, the mortgage interest deduction, tax-free interest on state and local bonds, and dozens of others.

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In the experiment capital gains and dividends are taxed as ordinary income and there is no exclusion for state and local bonds issued after December 31, 2012.

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