Can you imagine the machinations Obama’s inner circle of advisors had to go through to get him to agree to this? Not that he has any intention of actually following through – everything out of the White House from here on in is purely election-related…
From the New York Times:
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.
Mr. Obama also would establish a minimum tax on multinational corporations’ foreign earnings, the official said, to discourage “accounting games to shift profits abroad” or actual relocation of production overseas.