WASHINGTON (AP) -- Treasury Secretary Timothy Geithner says the current business tax system is bad for business and for job creation and says a plan by President Barack Obama to reduce corporate tax rates would make the tax system more globally competitive.
The Obama administration is proposing to lower the corporate tax rate from 35 to 28 percent. Manufacturers would receive incentives so that their effective tax rate would be 25 percent.
The proposal outlined by Geithner Wednesday would also eliminate tax loopholes and subsidies that Geithner called "fundamentally unfair."
Obama also would set a minimum tax on the foreign earning of U.S. companies.
Geithner said the plan would be part of a larger effort to overhaul the U.S. tax system. He said a long-term growth strategy for the United States requires tax reform.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.