Today, the Obama Administration is scheduled to introduce a plan that would cut the corporate tax rate in the United States. In the 103 years since the federal corporate tax rate was instituted, the landscape has changed drastically. When it was first enacted in 1909, income above $5,000 was subjected to a 1% tax rate. Since then it has changed approximately 35 times, with the current top rate at 35%.
The Obama plan will propose reducing the U.S. corporate tax rate to 28% from the previously mentioned 35%, along with removing tax breaks for companies to help offset lost revenue, according to an administration official.
Check back here on Conservative Daily News, as we will bring you details once the Obama Plan is released.