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FBN’s Rich Edson breaks down the latest efforts from the Obama Administration to overhaul the tax system.
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Some explaining to deal from Washington good morning it's a good morning Lauren has promised the administration is laying -- its corporate tax proposal though contrary to assurances the plan.
Would require US corporations as a whole.
To send more money to the US treasury than they do now a senior administration officials -- the Obama administration will propose later this morning.
A corporate tax system -- the top rated 28%.
35 now.
He -- minimum tax for foreign profits to pay for the lower rates the administration will reduce or eliminate a host of current corporate tax deductions.
It would also -- -- manufactures would pay no more than a 25%.
Effective tax rate.
The overhaul would cut or -- so many deductions even the lower rate would still mean as a whole corporations pay more in taxes.
Even -- Treasury Secretary Tim Geithner told congress last year's Fox Business pressed officials.
That the administration was working on a revenue neutral over all of the corporate tax system meanwhile.
A handful of congressional Republicans are writing proposals to overhaul the corporate tax code themselves.
Most would lower rates to 25%.
Instead of a minimum tax on international profits.
It would shift the US tax system to tax only domestic profits it's known as a territorial system.
It would basically put the federal government in line with all other developed countries the official announcement comes today Fox Business live.
At 1130.
-- -- -- Thanks rich so much uncertainty out there especially with this tax code no wonder our companies are sitting on records -- of cash -- --
