The Obama administration will propose today lowering the top income-tax rate for corporations to...

|By:, SA News Editor

The Obama administration will propose today lowering the top income-tax rate for corporations to 28% from 35% and reduce the tax rate on manufacturing to 25%, while raising overall tax revenue by eliminating dozens of deductions. But don’t rip up your tax-planning documents just yet, as any plan isn't likely to make it through a deeply divided Congress in an election year.