The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 35%.
Furthermore, all of these groups, both right and left, subject to further scrutiny all were given nontaxable status, though many certainly did not deserve it.
That's a reality that affects municipalities unevenly, because some have little tax-exempt property, while others are almost entirely full of nontaxable property.
Note that total compensation includes base salary, bonuses, retirement and other deferred compensation and nontaxable benefits, according to the document.
