The carnage that the Trump Administration leaves behind extends deep into the machinery of government, and not just at the federal level.
Like millions of homeowners have done over the past few years, state and local governments and agencies have also been refinancing their debts, locking in lower interest payments on previously-owed borrowings. Interest rates are at historic lows, so it makes financial sense. But the interest rate on refinanced state or local public debt would be even lower, if not for an obscure change to the federal tax code that was part of the 2017 Tax Cuts and Jobs Act.
Read more at Next City.