February 14, 2012 / 3:58 PM / 8 years ago

Geithner: Tax code revamp could take years

WASHINGTON (Reuters) - 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.

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