Barack Obama: corporate tax to be cut to 28%

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Source: China.org.cn
Barack Obama proposed to decrease the corporate tax from 35% to 28% by paying for reduction through abandoning subsidies and tax loopholes, said Timothy Geithner, US Treasury Secretary. The move is aimed at increasing domestic investment as well as stimulating labour market. Further, the lowered corporate tax will simplify tax code and decrease deficiencies in the US tax system.
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