Effects of Taxation of Social Security Benefits on Portfolio Revisions
研究了社会保障福利征税如何与免税利息投资相互影响，发现征税虽绝对降低了免税利息回报，但相对提高了其相对于应税回报的吸引力。
The taxation of social security benefits is intertwined with the investment in tax exempt interest: the greater the tax exempt interest, the greater the chance that benefits will be taxed. In fact, some have argued that the tax is, in effect, a joint tax on social security benefits and tax exempt interest. This paper demonstrates that, although the returns from tax exempt interest are reduced on an absolute basis, they have increased relative to taxable returns.