For every simple idea I can envision, it goes without saying that clever lawyers, lobbyists, accountants, and financial planners can probably think of 100 ways to utilize deductions, credits, preferences, exemptions, shelters, exclusions, and loopholes.

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Exclusions and exemptions cause similar incomes to be taxed at different levels.

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But, as we learned in 1986 with the Reagan administration, the only way to lower tax brackets is by taking away treasured exemptions, exclusions, deductions and credits.

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There are enough exemptions, exclusions, preferences, subsidies, giveaways and gotchas written into the tax code to fill a medium-size library.

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The special provisions under which this subsidy apparatus functions take a variety of forms, covering exclusions from income, exemptions, deductions, credits against tax, preferential rates of tax, and deferrals of tax.

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