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The municipal bond industry is concerned about a proposal to cap the value of tax-exempt municipal bond interest to 28 percent for high-income taxpayers.

The proposal has appeared in the past two (FY 2013 and 2014) Obama budgets, although in somewhat different form. The 2013 budget proposed the cap only for joint filers reporting taxable income above $250,000 or single-filers above $200,000. The 2014 proposal would affect any taxpayer in a bracket above 28 percent (currently 33 percent, 35percent and 39.6 percent).

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