Geithner: cut corporate tax rate substantially

Rachelle Younglai and Kim Dixon
Reuters US Online Report Domestic News

Feb 15, 2011 17:14 EST

WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner said on Tuesday that the United States needs to cut the corporate tax rate substantially with a goal in the high 20 percent range, down from the current 35 percent

A day after the White House unveiled a budget that seeks to trim the country's massive deficit, Geithner reiterated that the Obama administration and Congress had to work together to overhaul the tax code, starting with corporate taxes.