| The Obama administration today is unveiling an overhaul of the corporate tax code, proposing to lower the top corporate income tax rate while eliminating a host of deductions and loopholes. The plan will be formally unveiled later today, but here are some of the important facts released already:
-- The administration is proposing a top corporate income tax rate of 28 percent, lowered from its current 35 percent. -- The top tax rate for domestic manufacturers would be 25 percent. -- The plan would implement a minimum tax on overseas profits, as President Obama proposed in his most recent State of the Union address. The minimum tax would limit the ability of corporations to exploit low-tax havens like the Cayman Islands. The U.S. currently loses more to corporate profit shifting than it spends on several federal agencies... |
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At thinkprogress.org
At thinkprogress.org
