Administration proposes lowering corporate tax rate to 28%
The White House has a plan for lowering the corporate rate, which currently sits at 35%. It's something Republicans have long supported. GOP leaders such as Rep. Paul Ryan (R-WI) have suggested changing the top corporate and individual rate to 25%, and presidential hopeful Mitt Romney also was scheduled to reveal tax reform plans on Wednesday.
Part of the Obama plan would include a minimum tax on corporations that have foreign earnings, and doubling a deduction received by high-tech manufacturers.
The proposal follows a fall decision by Congress to change a policy that would have added to the taxes for skilled nursing facilities.