AP source: Obama seeks to cut corporate tax rate to 28 per cent, eliminate dozens…AP source: Obama seeks to cut corporate tax rate to 28 per cent, eliminate dozens…

WASHINGTON - The Obama administration is proposing to cut the corporate tax rate from 35 per cent to 28 per cent, 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…

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