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In the United States, tax-exempt bonds are bonds for which the interest paid is exempt from some combination of Federal, state, and local income tax. As a general policy, the Federal and state governments avoid imposing taxes on each other. Thus, bonds issued by the Federal government are generally exempt from state and local taxes, and bonds issued by state and local governments are generally exempt from Federal taxes.

However, because Federal income taxes are typically significantly higher than state and local income taxes, the tax-exempt bond market is generally considered to consists of bonds issued by state and local (or "municipal") governments. Thus, persons looking for tax-exempt bonds are almost exclusively interested in such municipal bonds, or "municipals", for short.

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