- Journalist who brought down U.S. general is killed in Los Angeles car crash
- Angelina Jolie stunt double sues News Corp over hacking
- Kanye West wins over critics with 'daring' new album 'Yeezus'
- UPDATE 2-United Dreamliner diverted due to possible oil filter problem
- U.S. doctor group votes to recognize obesity as a disease
Geithner: U.S. tax code revamp could take years
WASHINGTON Feb 14 (Reuters) - U.S. Treasury Secretary Tim Geithner on Tuesday said the Obama administration is close to presenting a set of principles to Congress to revamp the corporate tax code but that they will not be comprehensive and overhauling the tax code could take years.
"We're going to lay out a framework of elements we think should guide the discussion on corporate tax reform," Geithner told the Senate Finance Committee a day after President Barack Obama presented a $3.8 trillion 2013 budget plan.
The U.S. corporate tax rate at 35 percent is nearly the highest in the industrialized world, and the Obama administration later this month will propose later cutting the rate. (Reporting By Kim Dixon.)
- Tweet this
- Share this
- Digg this