White House Looks To Overhaul Corporate Tax System

8:55 AM, Feb 22, 2012   |    comments
No. 1: Austin, TX Population Growth: 3.8% Unemployment Rate: 6.2% Median Income: $31,170 Median Rent: $968
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WASHINGTON (WUSA) -- The White House is looking to overhaul the corporate tax system.

The Obama administration is expected to announce on Wednesday plans to lower the top tax rate to 28% from 35%. But it would nix dozens of deductions, in effect raising even more tax revenue.

The nation's top tax rate is the second highest in the world -- behind Japan -- but few companies pay that rate because they take advantage of so many tax breaks.

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