Between 2000 and 2014, the tax-exempt status of municipal debt saved state and local municipalities an estimated $714 billion, or $80-$120 in additional interest expense per $1,000 borrowed.

This estimate was developed on the behalf of the International City/County Management Association (ICMA) and the Government Finance Officers Association (GFOA) by researchers at the University of Washington Evans School of Public Policy.

The debate about the efficacy of the tax-exempt income status on municipal bonds has a long history, and continues unabated.