Ways and Means
Eight states have no personal income tax. Excluding Texas and Florida, name two of the other six.
Washington, Nevada, Wyoming, South Dakota, Alaska, and/or Tennessee
This state pays an annual dividend to each resident who has lived within the state for a full year and has not been convicted of a felony.
Alaska (Permanent Fund dividend was $3,284 in 2022)
In this year, Congress created a permanent federal income tax and specifically exempted municipal bond income from taxation.
1913
The week of 2/10/21 saw the highest level of muni mutual fund inflows of any week in the past decade (so far). How much did the industry see in during this week?
$6.9 billion
Five states have no sales tax. Excluding Delaware, name one of the other four.
Alaska, Montana, New Hampshire, or Oregon
This state is the only one without a balanced budget requirement as part of their constitution.
Vermont
In 1921, this state became the first to enact a state-wide sales tax.
West Virginia
Prior to the 2008 financial crisis, many more municipal bonds carried insurance. What was the percentage of muni bonds that came with insurance between 2000-2007?
64%
More than 50 years before being granted statehood, this former territory became the first of the eventual 50 states to levy a state income tax.
Hawaii
Every state has a congress with an upper and lower house except for one. This state has a senate but no assembly / lower house.
Nebraska
In 1812, this US city offered the first recorded municipal General Obligation bond, backed by the city's full faith and credit pledge, to help finance the construction of a canal
New York City
What is the minimum par value required for a bond to be included in the Bloomberg-Barclays Muni Index?
$7 million, as part of a transaction of at least $75 million
In 1789, Alexander Hamilton proposed the first federal sales tax to Congress. It took two years of debate to eventually pass, and was so unpopular that it sparked a three-year rebellion in western PA. What was this a sales tax on?
Alcohol (Whiskey)
This county has had the highest median household income in the United States since 2008.
Loudon County, Virginia ($156,821)
In 1839, this major Alabama city defaulted on $513,000 in municipal debt after its tax revenues dropped during the Panic of 1837, becoming the first recorded muni bond default.
Mobile, Alabama
The week after Lehman failed, SIFMA hit the highest level seen in the last two decades. What was the maximum rate that SIFMA hit?
7.96%
In 1861, Congress approved the first federal income tax to help finance the Union war effort. What was the top tax bracket (in 1861 dollars)?
$800
Big Creek Elementary School District in California has the lowest enrollment of any district in the S&P rated universe. What was Big Creek's enrollment in the 2021-22 school year?
30
The last time a state defaulted was in 1933 - this state defaulted on $146 million in highway bonds backed by gas taxes and toll revenues after the Great Mississippi Flood of 1927 wiped out miles of debt-financed roadways just before the Depression hit.
Arkansas
Market dislocations at the start of the pandemic resulted in the 2-year MMD/Treasury ratio hitting an all-time on 3/23/20. What was the ratio that it reached?
869%