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SC mayors worry over goring of tax-exempt bond cow

Columbia’s Benjamin leading charge to save critical financing tool

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Posted: Monday, December 17, 2012 3:09 pm

FLORENCE, S.C. – Columbia Mayor Steve Benjamin is a Democrat through and through, but when it comes to one particular tax reform/new revenue idea being floated by President Barack Obama’s administration, he’s … well, he’s not on the president’s side on this one.

Included in the White House’s provisional FY 2013 budget is a proposal to cap the tax exemption on municipal bonds. And, in the increasing drumbeat to find ways to raise revenue and cut the budget, other proposals, including the Simpson-Bowles report, suggest wiping out that muni tax exemption altogether.

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