Report: Obama to Propose 28% Corporate Tax Rate, 25% for Manufacturing

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The Obama administration on Wednesday will propose cutting the top corporate tax rate from 35 to 28 percent, a senior administration official told Reuters.

The proposal also would cut the manufacturing corporate tax rate to 25 percent.

The Treasury Department will release its plan to reform the corporate tax code Wednesday, according to Reuters.

The tax cuts would be paid for by eliminating loopholes and the proposal also calls for a minimum tax on profits earned in countries with low corporate tax rates.

Treasury Secretary Timothy Geithner told the Senate Finance Committee on Wednesday that many tax loopholes were being considered for closure.

Geithner added some tax incentives would remain for producing goods in the U.S.

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