![The tax-exempt privilege is a feature always reflected in the market price of [municipal] bonds. The investor pays for it. - Louis D. Brandeis](https://www.azquotes.com/picture-quotes/quote-the-tax-exempt-privilege-is-a-feature-always-reflected-in-the-market-price-of-municipal-louis-d-brandeis-125-65-00.jpg "The tax-exempt privilege is a feature always reflected in the market price of [municipal] bonds. The investor pays for it. - Louis D. Brandeis")
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