TAXES:: Obama seeks 28 percent corp. tax rate – AP
By MB Snow at February 22, 2012 | 12:03 am | Print
WASHINGTON (AP) — Laying down an election-year marker in the debate over taxes, the Obama administration is proposing to cut the corporate tax rate from 35 percent to 28 percent, and to seek an even lower effective rate for manufacturers, a senior administration official says.
In turn, corporations would have to give up dozens of loopholes and subsidies that they now enjoy. Corporations with overseas operations would also face a minimum tax on their foreign earnings.
Treasury Secretary Timothy Geithner on Wednesday was to detail aspects of President Barack Obama’s proposed overhaul of the corporate tax system, a plan Obama broadly outlined in his State of the Union speech last month.
Chances of accomplishing such change in the tax system are slim in a year dominated mostly with presidential and congressional elections. But for Obama, the proposal is part of a larger tax plan that is central to his re-election strategy.
via Daily Record | Morris County NJ | AP Wire.