President Obama will ask Congress to revamp the corporate tax code to remove loopholes and subsidies, and to reduce to the top rate to 28 percent, down from 35 percent, reports the New York Times.The new code will also give preference to manufacturers that would set their maximum effective rate at 25 percent.

From the New York Times:

“The administration plan to revamp a corporate code that is widely derided as inefficient and anticompetitive has been in the works at Treasury for two years, and is a priority of [Treasury secretary, Timothy F. Geithner]. Yet he has been preoccupied with crisis management, and is unlikely to see the project through since he plans to leave office after this year.

The proposed overhaul “will help level the playing field for businesses and allow the government to collect needed revenue while promoting economic growth,” Mr. Geithner told a Congressional committee last week, without details."

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