Obama readies plan to cut corporate tax rate

The Obama administration is proposing cutting the corporate tax rate from 38 percent to 25 percent, but also plans to remove some tax breaks to offset the loss in revenue, reports Bloomberg.

The plan also reshapes the current manufacturing tax rate in order to lower it to 25 percent as well.

Corporate taxation is an area in which the president could find common ground with Congressional Republicans.

Read more at Bloomberg.

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