Kentucky Department of Revenue v. Davis

NYTimes has a summary of the Supreme Court oral arguments made in this case on Monday. The big question seems to be: Are munis more like milk or garbage?

My best guess – and it is only a guess – from the questioning is that the court will send the case back to Kentucky with reference to recent decisions implying the lower court got it wrong … or perhaps they will overturn the ruling themselves. It is troubling for the Davises that not one state in the union sided with them. Not even the states that DO tax their own muni bonds.

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