It is no secret that tax reform is one of the key areas of focus for our national political leadership, and that tax revenue increases are one important element of that discussion. In particular, "lost revenues" resulting from the tax-exempt status of interest on municipal bonds has been targeted in many studies. In the light of those developments, a study released this month by the U.S. Conference of Mayors contains some particularly relevant new data. The report indicates that if the tax exemption for municipal bonds had been repealed in 2012, it would have killed as many as 892,000 jobs and eliminated as much as $46.9 billion of labor income and $71 billion annually in gross domestic product. The 16 page report, entitled "U.S. Metro Economies: Job Impact of Proposals to Limit the Municipal Bond Market", was prepared by IHS Global Insight for the Mayors Conference as well as the National League of Cities, and described the role of the major types of state and local infrastructure spending using tax-exempt financing. The economic impact analysis took into account the costs to the national economy of spending cuts that would be forced by municipal bond tax exemption limitations. The report concluded by noting that "Continued growth in U.S. metropolitan areas in the coming decades will test our infrastructure at all levels. Total metro area population will grow by 32% from 2012 – 2042 and will be especially fast in some of the nation's largest metros", which included Atlanta. "If there is not significant investment in infrastructure, the costs will not just be astronomical, they will stifle long-term economic potential… A loss of the tax exemption for municipal bonds threatens to curtail this critical investment in America's future… Moreover, the benefits of productivity-boosting additions to our public capital stock may be lost to future generations."