Tax-Exemption Trend

A new low in the interest yield on long-term tax-exempt bonds came last week: a bloc of Connecticut State 1 1/2, due in 1967, changed hands at a price that will net the buyer 1%. At such a rate, it is more profitable for people in low tax brackets to buy taxable bonds and pay income taxes on their yields. But by people with really big fortunes and tremendous taxes, long-term tax-exempts are still eagerly sought after, tightly held.

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