President Barack Obama's debt legislation is expected to have significant consequences for the municipal bond market, insiders say. "It would make tax planning almost impossible," said Michael Decker, managing director and co-head of the municipal securities division at SIFMA. "If you were buying a long-term bond you'd have no idea over the life of the investment how much would be taxed. It would create a big new element of risk that would be difficult to price."

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