Last Tuesday the Senate Finance Committee held the first of several planned hearings on tax reform. These hearings are being held in preparation of the 111^th Congress, when the Ways and Means and Finance committees will be tasked with re-writing a significant portion of the tax code.

As we’ve pointed out before, fully one-tenth of the tax code either expires in the next couple years or is made up from the marginal tax revenue captured by the individual Alternative Minimum Tax. Producing legislation in one Congress to address both those issues is going to …

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