While Laurence J. Peter is best known for “The Peter Principle” (“In a hierarchy every employee tends to rise to his level of incompetence.”), one of his less popular sayings may resonate with Americans who are busy organizing their W-2s, 1099s and/or statements from the charitable organizations to which they made contributions in 2016: “America is a land of taxation that was founded to avoid taxation.”

We all know the quote about not being able to avoid taxes or death, but did you know that taxpayers in the highest federal income tax bracket – currently, the top marginal rate is 43.4% – won’t pocket any money until at least June 8, 2017.

June 8! It’s what we call Tax Amnesty Day.1

Of course, it’s only Tax Amnesty Day for high-income Americans who happen to live in Alaska, Florida, Nebraska, South Dakota, Texas, Washington or Wyoming, none of which levies a state income tax.

With one exception, high-income residents of the rest of the States won’t get to observe Tax Amnesty Day until the second half of June and the first half of July. Californians in the top tax bracket will be paying Uncle Sam until July 29.

Must taxpayers abide by the wisdom of famed sociologist Ervin Goffman (“Man is not like other animals in the ways that are really significant: Animals have instincts, we have taxes.”)?

The ability to avoid taxes entirely is beyond the reach of most U.S. taxpayers, but many can ensure that their Tax Amnesty Day comes sooner if their 2017 earnings include income derived from investments in municipal bond funds. That’s because the net investment income generated by municipal bonds and municipal bond funds is exempt from federal income taxes and, where applicable, from state and local income taxes, too.

What you do with this information, of course, is your business. We’ll stick to our business, which is managing a variety of muni funds designed to generate competitive levels of tax-free income and attractive yield-driven returns.

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1 Taxpayers in lower federal income tax brackets can celebrate Tax Amnesty Day earlier in the calendar year.