Lately, some munis have offered tax-free yields of more than 6%.

近来一些市政公债所提供的免税收益率超过6%。

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Until this year, munis almost always yielded less than Treasuries because of their tax benefits.

直到今年以前，市政债券的收益率几乎总是赶不上国债，因为市政债券有税收优惠。

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Capital gains taxes, however, must be paid on "munis" when the bonds mature or if they are sold for more than the investor's purchase price.

然而必须在债券到期日，或投资者以高于债券买入价出售债券时交纳资本利得税。

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One of the best deals going for the skittish may be so-called pre-refunded munis.

FORBES: Munis: Better Than Treasuries?

Pre-re munis maturing in 2014 were recently yielding 1.7%, the same yield offered by the Treasury.

FORBES: Munis: Better Than Treasuries?

On a tax-equivalent basis, the munis were paying 5.7% for folks in the 30% tax bracket.

FORBES: Munis: Better Than Treasuries?