Why is the muni and corporate bond after-tax yield not equal?

Some basic concept I've not grasped: Tax free income should be most valuable to highest bracket tax payers. They should bid muni yield to about .63 of the corporate yield (if paying 37 % tax), and munis should be a poor investment for anyone in a lower bracket. But this doesn't seem to be the case. ? (Of course, trying to compare similar default risk categories)

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Feb 14, 2019
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