Describe and explain the expected effect on state-local bond interest rates of each of the following federal changes:

(a) Lower the maximum federal personal income-tax rate from 37 to 20 percent.

(b) Restrict the use of private activity tax-exempt bonds by state-local governments with a federal law.

(c) Eliminate IRAs, a form of tax-deferred personal savings.

(d) Increase use of tax-exempt bonds by cities to provide home mortgages.

(e) Raise the maximum federal personal income tax rate from 30 to 39 percent.