Capitol Hill

Obama to Push Corporate Tax Reform

Likely part of larger budget deal.

Is corporate tax reform going to be the next big issue in Washington? Treasury Secretary Timothy Geithner, who has been having a series of closed-door meetings with CEOs, academics, labor unions, and think tanks, plans to kick things off by unveiling a white paper that calls for lowering the top corporate tax rate from 35 percent to somewhere between 26 and 28 percent, according to his aides. To pay for the reduction, the plan closes loopholes. House Speaker John Boehner also sees corporate taxes as an issue ripe for cooperation. “This won’t be like health care, where you put out specific ideas people have to take or leave,” an administration official said. “We’ll be more than willing to make trade-offs — to look at alternatives that lower the rates and broaden the base.” It likely won't be a stand-alone bill, but will supplement a larger budget deal. If both Democrats and Republicans are ready to tackle corporate taxation, lobbyists are more than happy to dive in: “This will be a feast for K Street,” said one top aide.