Suppose that Kentucky decides to subject interest earned by its residents from out-of-state municipal bonds to the
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Suppose that Kentucky decides to subject interest earned by its residents from out-of-state municipal bonds to the state income tax, but to exempt from state income taxes any interest earned from Kentucky municipal bonds. What effect will this have on the before-tax interest rate paid by Kentucky municipal bonds?
Does the Kentucky Treasury lose more or less tax revenue than the interest savings to its residents? What effect will this have on the net earnings for people in Illinois who own Kentucky municipal bonds?
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