Regan presents a long-term public investment proposal to preserve and upgrade the nation's infrastructure system. He offers a unique financing plan to eliminate much of the backlog of deferred maintenance that plagues America's roads and bridges. The plan would allow states and municipalities to...

The current system of tax-exempt bond financing is inefficient and inequitable because a large portion of the federal subsidy provided by the tax exemption does not reach state and local governments and accrues instead to the wealthiest investors. In addition, the current system excludes large...