Imagining a World Without Tax-Free Bonds

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By John Tamny of RealClearMarkets

Last month federal agents arrested a large number of New Jersey politicians on bribery and money laundering charges. As described in the Wall Street Journal, one $97,000 bribe was handed off in an empty Apple Jacks box.
 
Last week the New York Post exposed the highly suspect activities of State Sen. Pedro Espada Jr. A self-described “hero” to his largely Hispanic constituency, Espada was somehow able to secure for his son a $120,000/year state job. The only problem was that no one in the son’s downtown Manhattan office had ever seen him before because he’d never shown up for work.

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