Obama's corporate tax proposal to close loopholes, cut rate

02/22/2012 | New York Times (tiered subscription model), The

U.S. President Barack Obama's proposed overhaul of corporate taxes would reduce the basic tax rate from 35% to 28% while eliminating dozens of subsidies and loopholes, a senior administration official said. Manufacturers would be given incentives that bring their effective tax rate down to 25%, while a new minimum tax rate for multinational corporations would be established to curb "accounting games to shift profits abroad."

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