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If Congress passed a law limiting the deductibility of interest expense on loans used to purchase municipal bonds to 20%. For example, borrowing $1,000, only

If Congress passed a law limiting the deductibility of interest expense on loans used to purchase municipal bonds to 20%. For example, borrowing $1,000, only $20 of the $100 interest expense is deductible. Would the tax arbitrage strategy still be profitable?

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