“Leveling the Playing Field” for U.S. Businesses

The New York Times, Wednesday, February 22, 1012:  Business Day

Obama Offers to Cut Corporate Tax Rate to 28%, by Jackie Calmes

Washington–“President Obama will ask Congress to scrub the corporate tax code of dozens of loopholes and subsidies to reduce the top rate to 28 percent, down from 35 percent, while giving preferences to manufacturers that would set their maximum effective rate at 25 percent, a senior administration official said on Tuesday.”  President Obama will also “establish a minimum tax on multinational corporations’ foreign earnings…”

Timothy Geithner, Treasury Secretary, said that the proposed overhaul “will help level the playing field for businesses and allow the government to collect needed revenue while promoting economic growth.”

A previous blog was about “gaming the system”, so perhaps by “leveling the playing field” of businesses there will be less gaming going on.

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