WASHINGTON (AP) -- President Barack Obama is calling for an overhaul of corporate taxes that would eliminate many loopholes and deductions in exchange for lower rates.
In his State of the Union address, prepared for delivery Tuesday night, Obama says he wants the changes to result in the same level of revenue as current corporate taxes. Obama says he would oppose changes that increase the deficit.
The president has in the past called for "revenue neutral" changes in corporate taxes. A deficit commission he appointed recommended a wholesale change in individual and corporate taxes that would lower rates but also raise additional revenue by eliminating loopholes and, thus, help reduce the deficit.
White House officials say the president doesn't want an overhaul of the corporate tax system to raise additional revenue.