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Obama Tax Revamp Seeks 28{982ecbb84816c6d9f589e8211ea46f8047ba0a57e5c66df0879b0b268bf06ad5} Corporate Rate

WASHINGTON—The Obama administration Wednesday proposed an overhaul of U.S. corporate taxes that would lower the maximum rate companies pay while eliminating scores of loopholes that allow businesses to reduce their payments.

The Treasury Department said the plan would overhaul the corporate-tax code, including lowering the top income-tax rate for corporations to 28{982ecbb84816c6d9f589e8211ea46f8047ba0a57e5c66df0879b0b268bf06ad5} from 35{982ecbb84816c6d9f589e8211ea46f8047ba0a57e5c66df0879b0b268bf06ad5}, cutting the effective tax rate even further for manufacturers, and eliminating popular deductions.

The plan also maintains or makes permanent some credits, such as for research and development and production of renewable electricity, which aims to encourage investment in wind and solar power.

“A key test …

February 22, 2012
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