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.
The Latest
- Fed's Push on Housing Crosses a Line, Critics Say The Washington Post
- Watchdog Targets Overdraft Charges The Wall Street Journal
- Euro-Area Manufacturing, Services Unexpectedly Contract: Economy Bloomberg Businessweek
- In Republican Race, a New Breed of Superdonor The New York Times
Chart of the Day
In honor of Fat Tuesday, The Economist figured out the cost of making pancakes around the world. Making the breakfast treats is a bargain in the United States, as well as the Netherlands and India. However, you'll be forced to pay a pretty penny in Hong Kong or Switzerland.
Reason to Get Out of Bed in the Morning
Our president is back in the news for his dulcet tones-after being handed the mic by Mick Jagger, Barack Obama sang a few bars of "Sweet Home Chicago" with BB King.
