Banks and Tax-Exempt Debt Arbitrage
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Interest paid by U.S. state and local bonds is tax-exempt, making these bonds attractive to investors though a tax rule limits arbitrage opportunities by restricting associated interest expense deductions. Prior to 1986, U.S. banks were not subject to the interest deduction limitation, making banks
美国州和地方债券（U.S. state and local bonds）所支付的利息享有免税待遇，这使得此类债券对投资者颇具吸引力；不过一项税收规则通过限制相关利息支出抵扣，限制了套利空间。1986年以前，美国银行不受该利息抵扣限制的约束，使得银行
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美国国家经济研究局创建时间：
2024-07-01
