The Obama administration is today going to propose a cut in the corporate tax rate from 35 percent to 28 percent, according to multiple reports. NPR's Scott Horsley notes that the president also wants to scale back some deductions that businesses now get. So, the overall effect of any such changes could be "revenue neutral" and keep corporations' share of the nation's tax burden unchanged, Scott says.
Romney's release of his federal tax details for 2010 and 2011 came the morning that President Obama was preparing to deliver his State of the Union address, a speech in which he was expected to make the increasing gap between the superwealthy and everyone else a major topic of the evening.
In releasing details of his tax burden for the past two years, Mitt Romney offered a small window into a vast wealth. The tax records show that the former Massachusetts governor made $42.6 million over the past two years and because most of it came from capital gains, he paid $6.2 million in taxes.
That means that in 2010, his tax rate was 13.9 percent, and in 2011, it's expected to be 15.4 percent, lower than many Americans who pay taxes on wages.
All right, so Romney has gone on the attack in Florida, and he'll also be answering a lot of questions today about those taxes that he is releasing. As we heard from Mara, it turns out over the last few years, the effective tax rate Romney has paid is just under 15 percent.
Now, Newt Gingrich has been pressing Romney to publicly disclose the documents. And the former House speaker released his own tax returns, to dramatic effect, during a debate last Thursday.