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Sunday, October 14, 2007

Bob Brinker on California Municipal Bonds

October 13-14, 2007 Moneytalk with Bob Brinker Commentary by David Korn (newsletter excerpt)


Caller: This caller owns some California municipal bonds and asked Bob whether he should make any additional investments in the municipal bond market pending a decision by the Supreme Court on the case that is testing the taxability of municipal bonds issued by other states. Bob said if you are a California resident and purchase a municipal bond from another state you are going to get hit over the head with up to a 9.3% tax depending on your tax bracket. Bob said we may have to wait until spring before we get a decision, which means May or June of 2008. Bob said we don't know what the court decision will be, or the impact of the court's decision. There are a lot of unknowables. The one thing we do know is that if you go out of state right now, you are going to have to pay the tax.

David Korn: Bob didn't seem too enthusiastic about making such purchases before the Supreme Court weights in on the issue. Here is an article out this month discussing the case entitled, "Municipal bonds making big wages."

- David Korn

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