asianautica- you would have to be in the highest tax brackets for Fed & State and get around 4.75% tax free from the muni’s to see an 8% taxable equivalent. I’m not sure what current muni rates are but I doubt they are in the high 4%

For example: Say your total effective rate is 41.045%

Select a tax-free yield on the left, and look across to find the taxable yield you would need to get the equivalent after-tax return.

Tax-Free
Yield Taxable-Equivalent
Yield
1.00% 1.70%
1.50% 2.54%
2.00% 3.39%
2.50% 4.24%
3.00% 5.09%
3.50% 5.94%
4.00% 6.78%
4.50% 7.63%
5.00% 8.48%

If your total effective rate is 31.000%

Tax-Free
Yield Taxable-Equivalent
Yield
1.00% 1.45%
1.50% 2.17%
2.00% 2.90%
2.50% 3.62%
3.00% 4.35%
3.50% 5.07%
4.00% 5.80%
4.50% 6.52%
5.00% 7.25%