WASHINGTON, DC-The potential body count that could result from comprehensive tax reform is mounting. Carried interest--gone! REITs' tax-exempt status--it's being examined! New Market Tax Credits--hah!

Such debate, of course, is necessary. As we at GlobeSt.com, and other Capitol Hill observers have noted, Congress seems intent on overhauling the nation's tax code. There is talk of bipartisan cooperation, talk even of Republicans and Democrats offering up favored deductions and credits in order to achieve this long-cherished goal. For a publication or businessperson to ignore this trend is irresponsible.

But there is another side to this debate as well – one that is not being voiced as stridently but still worth taking note. And that is this: it has become a rote response from Capitol Hill that everything is on the table for tax reform, therefore it may not be wise to single out certain items as destined for elimination this early in the game. For instance, this line of reasoning notes, the report that REITs' tax exempt status is being examined should be considered in the greater context that everything significant is being examined. And may just as easily stay as is—a nuance that could easily be lost on nervous retail investors with REITs in their portfolios.

Not surprisingly, though, the lobbying from these various constituencies is already intense, with various factions making their case as to why their particular tax situation is essential to maintain or preserve. Such lobbying, however, is bound to drown out the wait-and-see-what-Congress-does chorus.

For example, Thomas Moran, chairman and managing partner of Moran & Co., testified before the House Committee on Ways and Means on Thursday, representing the National Multi Housing Council and the National Apartment Association. His argument? That efforts to reduce corporate taxes should not be made at the expense of small businesses.

The industry's wish list, according to Moran includes:

• Maintaining the current treatment of carried interest.

• Retaining the 100 percent deduction for business interest.

• Protecting the Low-Income Housing Tax Credit program.

• Keeping in place the estate tax legislation enacted as part of the American Relief Act of 2012.

• Modifying the section 179D Energy Efficient Commercial Buildings Tax Deduction to enable more properties to qualify for the incentive.