The Muni Market Needs A Clean Sweep

The $1.2 trillion municipal-bond market is booming. Some 50,000 states and localities have issued 1.5 million bonds over the years to finance everything from highways to hospitals. Private investors buy three-quarters of this tax-exempt paper and will probably pick up more now that income-tax hikes, and retroactive ones at that, are here. These investors depend on a fair and efficient market.

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