[Neanderthal]

"The dounside of T-bills, unlike regular two year, ten year and longer Treasury notes, is the interest (gain at maturity) is taxable at the federal level."

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All treasury note and treasury bond interest is taxable at the federal level.

[Wuli]

My bad. I thought it was at the federal level the Treasury notes gain/interest was not taxable, but apparently it is taxable the federal level and not taxable with state income tax (in most??? cases??).