英文早读第161篇，选自巴菲特年度信，友才翻译。

Taxation
税收

The interest received upon the deposit of coupons from tax-free bonds is, of course, free from Federal Income Taxes. This means if you are at a 30% top Federal Income Tax bracket, a 6% return from tax-free bonds is equivalent to about 8-1/2% from taxable bonds. Thus, for most of our partners, excluding minors or some retired people, tax-free bonds will be more attractive than taxable bonds. For people with little or no income from wages or dividends, but with substantial capital, it is possible that a combination of taxable bonds (to bring taxable income up to about the 25% or 30% bracket) plus tax-free bonds will bring the highest total after-tax income. Where appropriate, we will work with you to achieve such a balance.
从基于免税的债券息票存储中获得的利息当然也是免于联邦所得税的。这意味着如果你在头部的30%联邦所得税等级，从免税债券获得6%回报基本和从应税债券获得8.5%回报是差不多的。因此，对我们大多数合伙人，除了未成年或者一些退休人员，免税债券将会比应税债券更有吸引力。对于那些工资或分红收入很少或者没有的人，但是有很大资产，有可能将应税证券（将应税收入提高到大约25%或者30%等级挡位）加上免税证券结合起来会带来最高的整体税后收入。合适的时候，我们将会和你一起实现这样的平衡。

The situation in respect to State Income Taxes is more complicated. In Nebraska. where the State Income Tax is computed as a percentage of the Federal Income Tax, the effect is that there is no state tax on interest from tax free bonds. My understanding of both the New York and California law is that tax-free bonds of entities within the home state are not subject to State Income Tax, but tax-free bonds from other states are subject to the local State Income Tax. I also believe that the New York City Income Tax exempts tax-free bonds of entities based within the State of New York, but taxes those from other states. I am no expert on state income taxes and make no attempt to post myself on changes taking place within the various states or cities. Therefore, I defer to your local tax advisor, but simply mention these few general impressions so that you will be alert to the existence of a potential problem. In Nebraska there is no need to have any local considerations enter into the after-tax calculation. Where out-of-state issues are subject to local taxation, the effective cost of your State or Municipal Income Tax is reduced by the benefit received from deducting it on your Federal Income Tax return. This, of course, varies with the individual. Additionally, in some states there are various taxes on intangible property which may apply to all tax-free bonds or just those of out-of-state entities. There are none of these in Nebraska, but I cannot advise on the other states.
考虑到州所得税情况会复杂的多。在内布拉斯卡，州所得税是由联邦所得税的一定比例计算而来，结果是他没有因免税债券的利息而产生州税。我理解在纽约和加州的法律是本州实体发行的免税债券不纳入州所得税，但是其他州发行的免税债券需要纳入本州所得税。我也相信纽约市所得税也豁免了在纽约州内实体发行的免税债券，但是其它州的债券要收税。我对州所得税不专业，也不会试图让自己去研究不同州或者城市的区别。因此，我委托了你的当地税务咨询师，但仅仅提到一些常规的印象师你需要主意可能存在潜在的问题。当其它州的债券适用于本州税收时，实际的你州或市所得税成本是要是需要以你的收到的收益减去你对应联邦所得税的。这当然会有个体差异。另外，在一些州，对无形资产会有不同的税收，可能包括所有免税债券或仅仅是州外实体的债券。这些在内布拉斯卡都不存在，但是我不能告知其他州的。

When bonds are bought at a discount from par and later are sold or mature (come due and get paid), the difference between the proceeds and cost is subject to capital gain or loss treatment. (There are minor exceptions to this statement as, unfortunately, there are to most general statements on investments and taxes but they will be pointed out to you should they affect any securities we recommend). This reduces the net after-tax yield by a factor involving the general rate of future capital gains taxes and the specific future tax position of the individual. Later on, we will discuss the impact of such capital gains taxes in calculating the relative attractiveness of discount bonds versus "full coupon" bonds.
当债券以票面价值的折扣购买并随后被出售或到期（到期后被支付），卖得金额和成本的差异将会以资本盈利或损失看待。（有很少的情况不属于声明的这类，很不幸，这是最常规的投资和税收声明，但是需要指出来他们也会影响我们推荐的任何股票）。这减少了净税后收益，包括未来常规的资金盈利税率和个别个体的未来税收等级。随后，我们将会讨论这些资本盈利税在计算折扣债券对比“全价”债券相对吸引力上的影响。

Finally, one most important point. Although the law is not completely clear, you should probably not
contemplate owning tax-free bonds if you have, or expect to have, general purpose bank or other indebtedness. The law excludes the deductibility of interest on loans incurred or continued to purchase or carry tax-free bonds, and the interpretation of this statute will probably tend to be broadened as the years pass. For example, my impression is that you have no problem if you have a mortgage against real property (unless the debt was incurred in order to acquire municipal bonds) in deducting the mortgage interest on your Federal Tax return, even though you own tax-free bonds at the same time. However, I believe that if you have a general bank loan, even though the proceeds were directly used to purchase stocks, a handball court, etc. and the tax-free bonds are
not used for security for the loan, you are asking for trouble if you deduct the interest and, at the same time, are the owner of tax-free bonds. Therefore, I would pay off bank loans before owning tax-free bonds, but I leave detailed examination of this question to you and your tax advisor. I merely mention it to make you aware of the potential problem.
最后，最重要的一点。尽管法律还不是完全清晰，如果你有或希望持有常规银行或其它贷款，就不要考虑持有免税债券了。法律排除了发生的贷款利息抵扣当购买或持有免税债券时，这个法令的解释有可能在几年后进一步拓宽。例如，我印象中如果你有不动产按揭（除非这个债务是为了获得市政债券才发生）是没问题的，在你申报联邦税时扣除按揭利息，即使你同时持有免税债券。然而，我相信如果你有一般银行贷款，即使这个钱直接用来股票，手球场等等，并且免税债券也不是用于对这些贷款做抵押，如果你扣除了利息也会有麻烦，同时作为这些债券持有人也是。因此，我会在持有免税债券前还清银行贷款，但是我会把对这个问题的详细检查留给你和你的税务顾问。我仅仅时提醒他让你意识到潜在的问题。

22.taxation：税收；税款
23.minor：未成年人
24.wage：工资；工钱
25.exempt：豁免；免除
26.defer to：遵从；听从；把…委托给…
27.deduct：扣除；减去
28.intangible：无形的；难以形容的
29.par：平价的；与票面价值相等的
30.contemplate：考虑；思量
31.deductibility：抵扣
32.interpretation：解释；说明
33.statute：法律；规章；法令
34.mortgage：按揭；抵押贷款