If you take the muni bond rate divided by (1-t) you will get the taxable rate equivalent.
t is your marginal tax rate (the rate on the last dollar of income).
So for example if you are in the 28% tax bracket and are looking at a muni yielding 3% earning 3% tax-free is the same as earning 4.2% and paying 28% in tax.
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56...target
65/35/0 AA TBD