AP source: Obama to push lower corporate, effective tax rates

February 22, 2012 at 12:29 am in Grand Forks Herald

President Barack Obama is proposing to cut the corporate tax rate from 35 percent to 28 percent and wants 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. Continue Reading