The tax-exempt privilege is a feature always reflected in the market price of [municipal] bonds. The investor pays for it.
![The tax-exempt privilege is a feature always reflected in the market price of [municipal] bonds. The investor pays for it.](http://cdn.quoteddaily.com/images/louis-d-brandeis/the-tax-exempt-privilege-is-a-feature-always-reflected-in-the-market-price-of-municipal-bonds-the-investor-pays-for.jpg)
The tax-exempt privilege is a feature always reflected in the market price of [municipal] bonds. The investor pays for it.