A Tax Policy Center report shows how difficult it would be to cut tax preferences, such as tax-exemption, to pay for lower rates. The report comes as President Obama, lawmakers and deficit reduction groups have proposed curtailing tax-exemption and other tax preferences as part of comprehensive tax reform.

In a related matter, Sens. Orrin Hatch, R-Utah, and Mitch McConnell, R-Ky., earlier this week offered an amendment to a jobs bill that would require the Senate Finance Committee to vote within 12 months for tax reform legislation that includes permanent repeal of the alternative minimum tax and cuts in tax preferences and individual tax rates.

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