Abolish some tax exemptions (3)
I believe the answer is:
axe
'abolish' is the definition.
(both can mean to get rid of)
'some tax exemptions' is the wordplay.
'some' indicates the answer is hidden within the clue (some of the parts of the word are used).
'AXE' can be found hidden inside 'tax exemptions'.
(Other definitions for axe that I've seen before include "US jazz instrument" , "flower in Devon" , "Terminate; chopper" , "cancellation" , "Do away with" .)