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AP source: Treasury to release corporate tax plan

WASHINGTON (AP) – A senior administration official says that the Treasury Department plans to release information about its forthcoming plan to overhaul the corporate tax system on Wednesday.

Administration officials including Treasury Secretary Timothy Geithner have been saying for some time that they would soon release broad principles about its plan.

The top corporate tax rate is 35 percent, second highest in the world behind only Japan. Few companies pay that rate because they take advantage of tax breaks.

Geithner told Congress last week that the administration would propose eliminating some tax breaks.

Obama has said he would lower the tax rate but used no figures. He has said he would eliminate deductions for U.S. companies that move jobs or profits overseas.

The official spoke on condition of anonymity to describe administration plans.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)