那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。

That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.

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美国回顾其1948年就得到了GATT授予的豁免，可以对当时太平洋岛屿托管地的产品给予免税待遇。

The United States recalled that in 1948 under the GATT, it was granted a waiver for duty-free treatment to products of the then Trust Territory of the Pacific Islands.

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举个例子，在过去的数年里，一些源源不断地说客，以不正当的手段获得免税商品代码，让一些特定的公司和行业获利。

For example, over the years, a parade of lobbyists has rigged the tax code to benefit particular companies and industries.

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