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federal income tax exemption

What are the arguements for/against the criticism that the federal income tax exemption of interest on state-local debt is an inefficeint subsidy because the federal government makes no choice amoung the projects where the money goes?

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Hello,

This question is really asking should local and state capital investment be driven by the national government or by the local and state governments? Now the arguement for criticism is that state and local governments ...

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This question is really asking should local and state capital investment be driven by ...

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