Why Not Just Ditch The Corporate Income Tax? Obama corporate taxes: He would slash 'dozens' of tax breaks - Feb. 22. Geithner unveils Obama plan to reduce top rate to 28%; Treasury Secretary says code 'needs to be reformed and modernized.' NEW YORK (CNNMoney) -- After more than a year in the making, the Obama administration on Wednesday released its plan to overhaul the corporate tax code.
The main proposal for reform would slash the corporate tax rate to 28% from 35% and pay for the reduction by eliminating "dozens" of business tax breaks. There are currently more than 130 on the books. The Obama administration's plan is in sync with Republicans in terms of wanting to lower the top rate. But Republicans want to lower the corporate rate even further to 25%. Wonkbook: Tax reform is really, really hard. The White House has unveiled its framework for overhauling the corporate tax code.
They propose bringing the corporate rate down to 28 percent, establishing a global minimum tax, and expanding the credits for R&D and manufacturing. But they won't say exactly how to do all that. President Barack Obama speaks at a production facility of a Boeing plant on Feb. 17. (Susan Walsh - AP)