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Obama seeks corporate tax rate cut, loophole limit

President Barack Obama on Wednesday proposed a lower corporate tax rate and an end to dozens of loopholes he said helps companies move jobs and profits overseas. "It's not right and it needs to change," he said.

By Jim Kuhnhenn | Updated on February 22, 2012

WASHINGTON (AP) — President Barack Obama on Wednesday proposed a lower corporate tax rate and an end to dozens of loopholes he said helps companies move jobs and profits overseas. “It’s not right and it needs to change,” he said.

The president wants to lower the corporate tax rate from the current 35 percent, the highest in the world after Japan. Under his plan, manufacturers would receive incentives so that their effective tax rate could be even lower.

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