Here's an idea: A town which needs money for capital expenditures raises money, but not via leverage. what would be the advantages and disadvantages of this? My idea envisions that owners of this "municipal stocks" would NOT pay tax, but only for people of that municipality. So there would not be taxes on dividends or capital gains.
One thing good about my idea is that this EXEMPLIFIES the 'ownership society'. Another words, the locals would own a stake from their community. They would be motivated to increase the value of their neighborhoods and all.
What do you think?