President Obama on Wednesday proposed cutting the corporate tax rate to 28 percent, but he said the elimination of many popular loopholes that companies enjoy would actually increase the amount paid to the federal government. Obama called the current U.S. tax code “outdated, unfair, and inefficient” as it famously allows many large companies to use loopholes to pay far less despite that its stated 35 percent sounds higher than many other countries. The plan also lowered the maximum rate for manufactures down to 25 percent and expanded some deductions, including for research and clean-energy tax credits. Mitt Romney countered with his own plan to cut taxes down 20 percent for individuals, and capping the individual income tax rate at 28 percent.
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