I got to read the whole article through google, this google search may or may not work for you.
You're right that the cost of lending just got lower for high tax states. He doesn't discuss this. What he says is that Connecticut and NJ are losing their tax base as high income earners flee (at least in NJ this has been happening for some years thanks to NJ's rising property taxes).
The loss of SaLT deductions, effectively hiking taxes for these states, accelerates the trend. This in turn lowers property values (reducing state & local revenue) and income tax revenue, putting bond ratings at risk. For good measure, he threw in Illinois.
Completely separate, he's predicting a GDP growth of 2.5%, up from 2%, due to companies being able to immediately write off of capital expenditures (instead of amortizing).

Thanks for posting @Ted,
Anyone on the board using the suggested CEF munis for income?
Here's a link...a little old (2015), but interesting additional information about CEFs (munis).
https://thestreet.com/story/13361802/1/4-fantastic-closed-end-muni-bond-funds-to-boost-your-income.html

FYI: Time is running out for the bull, says Scott Minerd, a founding managing partner and global chief investment officer for Guggenheim Partners, the New York-headquartered investment firm, which manages $295 billion. Minerd sees upside for U.S. stocks, before a recession arrives in late 2019 or 2020 that will derail this mighty market and prove painful for bonds, as well.
Minerd, 58, based in Guggenheim’s Santa Monica, Calif., office,oversees client accounts invested in a broad range of fixed-income and equity securities. Guggenheim’s taxable fixed-income mutual funds are in the top decile of their respective Morningstar categories for the trailing three- and five-year periods.
In a recent chat with Barron’s, Minerd also explained the perils facing municipal bonds, given the new tax law’s restrictions on deductibility of state and local taxes. Two things he’s bullish about: international stocks and active management, especially in fixed income.
Regards,
Ted

FYI: Charles Schwab’s automated portfolio has the best two-year track record. Here’s how the other robos stack up.
Regards,
Ted
http://www.cetusnews.com/business/As-Robo-Advisors-Cross-$200-Billion-in-Assets--Schwab-Leads-in-Performance.HJA5ZRf8M.html

FYI: The stock market’s hockey stick-like rise in January, up 7.5% at one point before dropping back to a 5.6% increase, has already put paid to the Barron’s strategist outlook from mid-December (“Outlook 2018: The Bull Market’s Next Act,” Dec. 9).
Regards,
Ted
http://www.cetusnews.com/business/Pundit’s-Delight--A-Year-of-Stock-Gains-in-a-Month.HJxSd-RzLz.html

The intra-day SP-500 low at the end of the market melt (2008-2009) on March 6, 2009 was 666.79.
The SP-500 lose on Friday, Feb. 2 was 665.75.
So, if I wanted to adjust/cheat to the slightest numbers fudge; searching for a "SIGN" one could just call the numbers good and round to "666".
Perhaps (1) I'll visit an online numerology site to discover some determinations.
Perhaps (2) I'll watch the movie, "The Omen" again and then dial up, "Sympathy for the Devil"/Rolling Stones on YouTube.
Have a pleasant remainder of your Saturday, Feb. 3.

“We see these statements coming out of Wall Street from these 50-year-olds plus, and I’m one of them. Executives on Wall Street are in total denial about cryptocurrencies specifically, and blockchain generally,” Edelman continued.

If Mr Edelman had been reading MFO, he would know that Vanguard is embracing blockchain.
https://www.mutualfundobserver.com/discuss/discussion/37301/vanguard-will-use-blockchain-to-share-index-data/p1

My error on the Cobra deadlines/forfeitures. I'd quoted the time period to sign up, not the grace period for nonpayment. The whole thing is a bit more complicated.
Here are the DOL FAQ and the Centers for Medicare and Medicaid (CMS) Q&A on COBRA.
Basically, you have 60 days to decide to sign up. That's DOL's Q8 that I quoted above. CMS's Q14 says that coverage is retroactive if you elect to sign up within this 60 day period.
Once you sign up, you have 45 days to make the first payment (DOL Q15 and CMS Q45). That's 105 days, or 3.5 months. (It could be longer, these are min. requirements.)
Once you make your first payment, each successive bill has a 30 day grace period. Technically you may not be covered if you don't make payment when it is due, but if you make the payment within the grace period, you'll have coverage restored retroactively. (DOL Q15).
If you miss paying within the 30 day grace period, the insurance company may be nice and allow you to reinstate coverage, but it doesn't have to (DOL Q17).
I know someone who missed a payment in 2017, but the insurance company was nice. It said that it would accept the late payment this time, but if a payment were ever missed again, coverage would be terminated. Sometimes you get lucky.

FYI: U.S. stock market indexes fell sharply Friday as investors digested a stronger-than-expected jobs report that stoked inflation fears and contributed to a continued rise in bond yields.
Regards,
Ted
Bloomberg:
https://www.bloomberg.com/news/articles/2018-02-01/asia-stocks-to-slide-as-tech-stumbles-bonds-drop-markets-wrap
Reuters:
https://www.reuters.com/article/us-usa-stocks/dow-sheds-400-points-as-bond-yields-rise-on-strong-jobs-data-idUSKBN1FM1KC
MarketWatch:
https://www.marketwatch.com/story/dow-futures-tumble-more-than-250-points-on-jobs-day-2018-02-02/print
IBD:
https://www.investors.com/market-trend/stock-market-today/bulls-go-to-ground-as-oil-giants-cripple-dow-apple-alphabet-crumble/
CNBC:
https://www.cnbc.com/2018/02/02/us-futures-move-lower-as-investors-worry-about-rising-yields.html
AP:
http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT
Bloomberg Evening Briefing:
https://www.bloomberg.com//news/articles/2018-02-02/your-evening-briefing
WSJ: Markets At A Glance:
http://markets.wsj.com/us
SPDR's Sector Tracker:
http://www.sectorspdr.com/sectorspdr/tools/sector-tracker
SPDR's Bloomberg Sector Performance Pie Chart:
https://www.bloomberg.com/markets/sectors

https://www.sec.gov/Archives/edgar/data/754510/000137949118000511/filing989.htm
497 1 filing989.htm PRIMARY DOCUMENT
Supplement to the
Fidelity® Small Cap Growth Fund and Fidelity® Small Cap Value Fund
September 29, 2017
Prospectus
Effective the close of business on February 2, 2018, new positions in Fidelity® Small Cap Growth Fund (the fund) may no longer be opened. Shareholders of the fund on that date may continue to add to their fund positions existing on that date. Investors who did not own shares of the fund on February 2, 2018, generally will not be allowed to buy shares of the fund except that new fund positions may be opened: 1) by participants in most group employer retirement plans (and their successor plans) if the fund had been established (or was in the process of being established) as an investment option under the plans (or under another plan sponsored by the same employer) by February 2, 2018, 2) by participants in a 401(a) plan covered by a master record keeping services agreement between Fidelity and a national federation of employers that included the fund as a core investment option by February 2, 2018, 3) for accounts managed on a discretionary basis by certain registered investment advisers that have discretionary assets of at least $500 million invested in mutual funds and have included the fund in their discretionary account program since February 2, 2018, 4) by a mutual fund or a qualified tuition program for which FMR or an affiliate serves as investment manager, 5) by a portfolio manager of the fund, and 6) by a fee deferral plan offered to trustees of certain Fidelity funds, if the fund is an investment option under the plan. These restrictions generally will apply to investments made directly with Fidelity and investments made through intermediaries. Investors may be required to demonstrate eligibility to buy shares of the fund before an investment is accepted...

FYI: Well-known and outspoken advisor Ric Edelman chastised Vanguard's CEO Thursday for saying the investing giant will never offer a fund focused on Bitcoin.
“He will be eating those words,” maintained Edelman about the comments made by Vanguard CEO Tim Buckley. “It’s the dumbest statement I’ve ever heard anybody make.”
Regards,
Ted
https://www.fa-mag.com/news/edelman-chastises-vanguard-ceo-for-bitcoin-comments-36957.html?print

You are correct msf. I missed that one. My apologies.
"2008 Transportation Funding – Chapter 152
[...]"
In total it amounted to a $0.03 raise over a 4-yr period.

Glad you could find a reference. I'm not sure where the 3 cents came from, though.
The table of gas tax changes that I linked to above (MOTOR FUEL TAX RATES PER GALLON: MINNESOTA) shows an increase of 8.5 cents from 2008 to 2012, with three cents being the largest single hike of the 4-yr phase in.
Here's an MPR blog confirming 8.5 cents: "The most recent bump came in 2008, when the Legislature overrode a veto by Gov. Tim Pawlenty to put an incremental gas tax increase of 8.5 cents per gallon into law. When the law was passed in 2008, it represented the largest gas tax in Minnesota’s recent history."
https://blogs.mprnews.org/capitol-view/2015/03/poligraph-largest-gas-tax-in-state-history/

Chart of Sovereign Interest rates:

FYI: In March of last year, Jack McIntyre, a portfolio manager with BrandywineGlobal, said the dollar was “starting to roll over” and suggested investors move their money into emerging-market sovereign bonds.
This turned out to be a very good call, as the $3.6 billion Brandywine Global Opportunities Bond Fund GOBAX, +0.35% had a total return (with dividends reinvested) of 12.3% for its Class A shares (excluding sales charges), compared with a return of 3.7% for the Bloomberg Barclays Global Aggregate bond index (in U.S. dollars). Its big moves away from the benchmark on asset allocation as well as the currency hedges it used explain the outperformance.
Regards,
Ted
M* Snapshot GOBAX:
http://www.morningstar.com/funds/XNAS/GOBAX/quote.html
Lipper Snapshot GOBAX:
https://www.marketwatch.com/investing/fund/gobax
GOBAX Is Unranked In The (WB) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/world-bond/brandywineglobal-global-opps-bd-fd/gobax

@Alex: Fidelity Canada: FICDX
Regards,
Ted
https://fundresearch.fidelity.com/mutual-funds/summary/315910307

You are correct msf. I missed that one. My apologies.
"2008 Transportation Funding – Chapter 152
In February 2008, the Minnesota Legislature enacted major legislation affecting transportation funding for highways and transit as well as investment priorities. The Legislature increased the state’s Motor Vehicle Fuel Tax for the first time since 1988, increased the Motor Vehicle Registration Tax, and authorized an option of $.025 county sales taxes to develop and operate transitways in the Twin Cities Metropolitan Area and Greater Minnesota. The Legislature also authorized $1.83 billion in bonding over the 2009 to 2018 period to finance state highway related needs."
In total it amounted to a $0.03 raise over a 4-yr period.

https://www.sec.gov/Archives/edgar/data/315774/000143510918000104/lisanti_497e.htm
497 1 lisanti_497e.htm
LISANTI SMALL CAP GROWTH FUND (the "Fund")
(formerly known as the Dinosaur Lisanti Small Cap Growth Fund)
Supplement dated February 1, 2018 to the Prospectus dated May 1, 2017, as supplemented
1.Change to the name of the Fund
All references to the Dinosaur Lisanti Small Cap Growth Fund are hereby replaced with Lisanti Small Cap Growth Fund.
2.Change in Website
All references to the Fund's website, www.dinosaurlisanti.com, are hereby replaced with www.lisantismallcap.com...

My apologies, you're absolutely right. From the SOTU address:
"Tonight, I'm calling on Congress to produce a bill that generates at least $1.5 trillion for the new infrastructure investment that our country so desperately needs."
But note also that while Trump fudged the fed amount by using "generates", he never said $200B. Perhaps Trump meant 20% (which would be $300B). Who knows?

Hi @msf
The money figure, yes; Gary Cohn stated:
White House advisor Gary Cohn: Infrastructure the 'next leg of the stool' on Trump's agenda
9:53 AM ET Tue, 30 Jan 2018 | 01:54
President Donald Trump, in his State of the Union speech Tuesday, plans to discuss a $1.5 trillion infrastructure improvement plan, White House economic advisor Gary Cohn told CNBC.
Aw, hell; msf........I read and heard $1 trillion in other places, too. Inflation will change the number anyway, yes?
Take care of you and yours,
Catch

If I recall, Trump suggests $1.5 trillion for infrastructure, with $200 billion from Federal "sources" and remainder from state, local sources, as well as "private".
Just $1T (the $1.5T figure likely relates to the hole the new tax law is projected to blow in the national debt). But hey, what's a half trillion dollars between friends?
State and local..........okay, and where is this money arriving from.....?
Especially since states now have to deal with their taxes hurting more (fewer people itemizing, and those who do have SaLT deductions capped). So they're less able to meet current budget needs, let alone allocate money for new projects.
I have an alternate suggestion, just as unlikely to be realized. We all know that Trump is pushing for an expanded military budget to renovate and upgrade American defenses, and that the interstate highway system, built as part of our military defense system (thanks, Ike) is in need of renovation and upgrading. Put 1 + 1 together, and ...