Obama plan would cut corporate tax to 28%

U.S. Treasury Secretary Timothy Geithner. (Feb. 16, 2012)

U.S. Treasury Secretary Timothy Geithner. (Feb. 16, 2012) (Credit: Getty Images)

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President Barack Obama rolled out a corporate tax overhaul plan yesterday that lowers rates but also eliminates loopholes and subsidies cherished by the business world. A long shot for action in an election year, the plan nevertheless stamps Obama's imprint on one of the most high-profile issues of the presidential campaign.

The president's plan to lower the corporate tax rate to 28 percent...

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