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4. In 2016, several Republican presidential candidates favored a flat tax, including Senators Ted Cruz and Rand Paul. Under a flat tax, there would be

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4. In 2016, several Republican presidential candidates favored a "flat tax", including Senators Ted Cruz and Rand Paul. Under a flat tax, there would be only one tax bracket for the federal income tax and most tax deductions and tax exemptions would be eliminated. Suppose that Cruz wins the 2024 presidential election and a "flat tax" in implemented. What would be the likely impact on the market for municipal bonds

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