President Obama to cut top corporate tax rate to 25% for manufacturers
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."
Related recent Blogs
- #ShopAmerica: Health and Beauty gift ideas • by LDonia • 12/11/2013
- Now there's an idea: Using trade policy as leverage with China • by mmcmullan • 12/11/2013
- 5 Keys to American-Made Holiday Shopping • by TGarland • 12/11/2013
- December 11, 2013: US Trade Rep has not discussed this "currency manipulation" everyone keeps talking about • by mmcmullan • 12/11/2013
- The Big Three set the stage for a manufacturing renaissance • by TGarland • 12/10/2013
- December 10, 2013: Welcome back, GM • by mmcmullan • 12/10/2013
- Pharmaceutical companies' interests are covered in the TPP -- as for everyone else? Ehh ... • by mmcmullan • 12/09/2013
- A swing and a miss for Biden in Asia • by TGarland • 12/09/2013
- December 9, 2013: China reports biggest trade surplus in five years • by TGarland • 12/09/2013
- Kickstarting a manufacturing renaissance • by TGarland • 12/06/2013