In the U.S., which of the following is true about Treasury instruments
A. Their income is not subject to tax at the state level
B. Their income is not subject to tax at the federal level
C. Both A and B are true
D. They are not subject to capital gains tax at the federal level
A
Income from Treasury instruments is not subject to tax at the state level. This is one of the reasons why the yield on Treasuries is lower than the yield on other instruments that have very little credit risk.
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