President Obama's plan to overhaul the nation's corporate tax system would sharply cut the taxes that U.S. companies pay. But it would also eliminate many of the loopholes that help them pare down what they owe.
White House spokesman Jay Carney says the proposal unveiled Wednesday should appeal to both Democrats and Republicans, by doing what both sides "say is important to do ... which is lower the rate, broaden the base [and] eliminate the underbrush of unnecessary subsidies and loopholes and special provisions that complicate the tax code."