February 23rd, 2012
Treasury Secretary Timothy Geithner presented President Barack Obama's proposal to slash the corporate tax rate from 35 to 28 percent. Photo AP.
President Barack Obama put forward a plan on Wednesday which would slash the country’s
corporate tax rate from 35 percent to a more competitive 28 percent.
The current tax rate for companies is one of the highest in the
world, although the tax code is riddled with a multitude of loopholes
and tax breaks, which means that a large number of U.S. businesses
actually pay a much lower proportion of their profits to the Internal
Revenue Service (IRS).
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By The Daily Voter • Posted in Barack Obama
, Corporate tax rate
, Dave Camp
, Heritage Foundation
, House Committee of Ways and Means
, Internal Revenue Service
, Obama Administration
, Organization for Economic Cooperation and Development
, Orrin Hatch
, Senate Committee on Finance
, State of the Union address
, Tax code
, Timothy Geithner
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