Methods for generating beams with arbitrary polarization based on the use of liquid crystal displays have recently attracted interest from a wide range of sources. In this paper we present a technique for generating beams with arbitrary polarization and shape distributions at a given plane using a Mach-Zehnder setup. The transverse components of the incident beam are processed independently by means of spatial light modulators placed in each path of the interferometer. The modulators display computer generated holograms designed to dynamically encode any amplitude value and polarization state for each point of the wavefront in a given plane. The steps required to design such beams are described in detail. Several beams performing different polarization and intensity landscapes have been experimentally implemented. The results obtained demonstrate the capability of the proposed technique to tailor the amplitude and polarization of the beam simultaneously.