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? What nontax costs exist to limit your ability to take advantage of this arbitrage possibility? Are there any ways to reduce these nontax costs?