Treasury To Detail Corporate Tax Plan On Wednesday

(NewsCore) - The Treasury Department will offer its long-awaited proposal to overhaul the corporate tax code on Wednesday, senior administration officials said, weighing in on an issue that will likely elicit reaction in boardrooms around the world and on the campaign trail in the US.

Treasury Department officials have worked on the plan for more than a year and have said it would lower the top rate corporations pay, limit or eliminate certain tax breaks, and broaden the base of companies that pay taxes.

But Treasury Secretary Timothy Geithner was careful last week not to offer too many details as his staff finalized the proposal.

Republicans have also expressed interest in making changes to the corporate tax code, complaining of its complexity, and have pushed for the White House to offer its proposal soon so both sides could potentially engage in talks.

Still, passage this year could be difficult, with both sides at odds more broadly over tax policy -- and looming November elections potentially clouding any bipartisan deals.

Read more: Wall Street Journal