New White House Battle: Corporate Taxes

“This will be a feast for K Street,” said one top aide.

Money-PillsThe Obama administration is quietly gearing up for a high-profile launch in May or June on what may turn out to be the most heavily lobbied issue of the year: corporate tax reform.

At a time when the two parties can find little common ground legislatively, strategists on both sides hope to advance their jobs agenda by finding a way to lower corporate tax rates.

“This would send a reassuring signal to the economy, and is something both parties should support in theory,” a senior administration official said, predicting “a numbers game” in which companies and industries ferociously litigate the fine points.

Treasury Secretary Timothy Geithner plans to ignite the debate by unveiling a white paper that advocates lowering the top corporate tax rate from the current 35 percent to less than 30 percent and as low as 26 percent, according to aides. The proposal is likely to fall between 26 percent and 28 percent.

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Source: Mike Allen | POLITICO