Obama is stealing the spotlight from Mitt Romney—who plans to announce a new economic plan on Friday—by announcing his framework for simplifying the corporate tax code. The White House is asking Congress to lower the top corporate tax rate to 28 percent, while ridding the code of any loopholes and subsidies. Manufacturers will get special breaks, in accordance with Obama's push to spur domestic manufacturing jobs, and their maximum effective tax rate would be set at 25 percent. Republicans have long argued that the U.S. has one of the steepest corporate tax rates in the world. But, while the U.S. does have a high tax rate, after factoring in all the loopholes, many U.S. businesses end up paying taxes that are even lower than businesses in other rich countries., according to the Organization for Economic Cooperation and Development.
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