Two is greater than one

1 Diversification does not insure against loss in a declining market.

2 Historical tax rates were obtained from the respective annual IRS Schedule X and are representative of those experienced by an investor who earned $100,000 in 2022 dollars throughout the period.

3 Interest income is still taxed at the individual’s income tax rate.

4 The Jobs and Growth Tax Relief Reconciliation Act of 2003 provided for capital gain and dividend tax relief to individual tax payers.

5 The maximum tax rate on capital gains and dividend income is 20% as of 31 Dec 2017 for the 39.6% tax bracket.

6 The Tax Cuts and Jobs Act of 2017 lowered the marginal ordinary income tax rate and capped state and local tax (SALT) deductions at $10,000, among other reductions.

7 Since state taxes are deductible from federal tax returns, the stated rate is slightly higher than the effective additional tax rate (state tax rate x [1 – federal income tax rate]).

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All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. For term definitions and index descriptions, please access the glossary on nuveen.com. Please note, it is not possible to invest directly in an index.

This study is based on historical data gathered from sources we consider to be reliable and consistent. The methodology applied and results produced by this study indicate past investment performance of market indexes over the 01 Jan 2003 – 31 Dec 2022 time period exclusively and in no way should be considered representative of the past performance of any investment product or predictive of future investment expectations and performance for the municipal market or investment products. Investors should consult with their professional advisors before making any tax or investment decisions.

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