Suppose you are a high-tax-bracket taxpayer. How could you take advantage of a situation in which the implicit tax rate on a tax-exempt asset is different from the marginal tax rate on income from a...

Suppose you are a high-tax-bracket taxpayer. How could you take advantage of a situation in which the implicit tax rate on a tax-exempt asset is different from the marginal tax rate on income from a fully taxable asset? How would a low-tax-bracket taxpayer take advantage of this situation? What impediments (both frictions and restrictions) exist to limit your ability to take advantage of this arbitrage possibility?