Which of the following is true regarding the tax status of debt securities$?$

Investors in lower tax brackets benefit the most from tax$-$exempt securities$.$

All else equal, taxable securities must offer a higher before$-$tax yield than tax$-$exempt securities$.$

All else equal, tax$-$exempt securities must offer a higher before$-$tax yield than taxable securities$.$

Investors care more about before$-$tax income from securities than they do about after$-$tax income from securities$.$