(WASHINGTON) -- The Obama administration is set to unveil a proposal on Wednesday that will call for lowering the country's corporate tax rate to 28 percent, a senior administration official tells ABC News.
Doing so would put the U.S. in line with its major competitors and encourage greater investment. At 35 percent, the nation's current corporate tax rate stands among the highest in the world.
The president's plan will also include cutting the effective rate on manufacturing to 25 percent, according to the official. Both deductions would be paid for by closing dozens of tax loopholes and eliminating subsidies.
Furthermore, the official says the proposal will introduce a minimum tax on foreign earnings to discourage moving jobs overseas.
Details of the plan will be announced Wednesday by the Treasury Department.
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