The U.S. federal government releases its own bonds from the treasury and from a number of federal government companies. Those developing in less than one year are called T-bills. Bonds that mature in one to ten years are T-notes, and those that take more than 10 years to grow are treasury bonds. In many cases, you don't have to pay state or regional earnings taxes on the interest they make.

Munis financing things like healthcare facilities, schools, power plants, streets, workplace structures, airports, bridges and so on. Towns typically release bonds when they require more money than they collect through taxes. The good idea about local bonds is that you don't have to pay federal earnings taxes on the interest they make.

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