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.
Obama Offers to Cut Corporate Tax Rate to 28% - NYTimes.com
You fucking asshole. Exceptions to favored industries are exactly why the nominal corporate tax rate doesn’t matter. This is exactly what’s wrong with tax policymaking in America and it’s unsurprising to see this administration again engage in manufacturing hagiography during election season.
