Since the mid-1930s state and local governments have issued tax- exempt industrial revenue bonds (IRBs) to finance selected busi- ness enterprises. The original argument for the creation of IRB tax exemptions is the same as that for their present day continuation: Private capital markets...

This article investigates an alternative which permits tax reduction without significant effects on the output of public services: private-sector production of public services. Empirical evidence on a wide variety of services is examined: refuse collection, fire protection, debt collection,...

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