President Obama offers 28% corporate tax rate in exchange for an end to loopholes and subsidies
President Obama will ask Congress to remove dozens of loopholes and subsidies from the current corporate tax code in exchange for a reduction in the corporate tax rate from 35 percent to 28 percent, The New York Times reports. Preference would be given to manufacturers that would "set their maximum effective rate at 25 percent," while a minimum tax on multinational corporations' foreign earnings would be established to discourage "accounting games to shift profits abroad or actual relocation of production overseas," the article said. For more, read the full story here.
