Tax Reform: Corporate Tax Rate of 28%

Treasury Department officials today will outline a framework for corporate tax reform that will eliminate dozens of different tax expenditures and broaden the tax base to allow the corporate rate to be lowered to 28%, a senior administration official said.  The tax reform would also reduce the effective rate on manufacturing to no more than 25%, while encouraging greater research and development and the production of clean energy.

The Treasury Department will unveil the details of President Obama's tax reform plan at 11:30 today.