AP source: Obama seeks 28 percent corp. tax rate - Yahoo! News
Is 7% good enough to cut out loopholes?WASHINGTON (AP) — Laying down an election-year marker in the debate over taxes, the Obama administration is proposing to cut the corporate tax rate from 35 percent to 28 percent, 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.