Treasury Secretary Timothy Geithner will unveil a plan Wednesday to cut the corporate tax rate from 35 to 28 percent, which includes 25 percent for manufacturers.
The reduction is part of the plan outlined by President Obama in his State of the Union speech last month, according to a senior administration official.
The plan also seeks to end dozens of loopholes and set a minimum tax on foreign earnings.
"We want to bring down the rate, and we think we can, to a level that's closer to the average of that of our major competitors," Geithner told the House Ways and Means Committee last week.
Some say the proposal would not increase the deficit, but critics contend an overhaul of the corporate tax system is unlikely to pass in an election year.
The current U.S. 35 percent nominal corporate tax rate is the second highest worldwide, after Japan. But deductions, credits, and exemptions allow many corporations to pay taxes at a much lower rate.
Obama's plan would lower the effective rate for manufacturers to 25 percent while promoting development of clean energy systems. The plan, however, is not as ambitious as a House Republican proposal that would lower the corporate rate to 25 percent.
Source: http://www.cbn.com/cbnnews/finance/2012/February/Official-Obama-to-Seek-28-Percent-Corp-Tax-Rate-/
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