Senate Republicans are holding up all the chamber's business to push their top priority of giving the wealthy an unpaid-for tax cut. Meanwhile, the Build America Bonds program, which I have defended before, is set to expire at the end of the year. The bonds are unlike those normally issued by states and cities because they aren't tax-exempt, but rather have a tax credit, lowering costs and opening up the bond market to nonprofits; they also eliminate the incentives that have made many typical tax-exempt muni bonds into little more than glorified tax shelters. DCStreetsblog lays out what's at stake if the program is allowed to expire, including the hopes of both investors and municipalities that the program will be extended. Note to any Republicans who were impressed with Matt Continetti's recent argument in favor of long-term investment: This would be a good down payment on that agenda.
-- Tim Fernholz
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