The
proposals
reflect
President
Barack
Obama’s
desire
to
move
the
country
away
from
dependence
on
fossil
fuels
and
toward
development
of
renewable
resources.
Obama’s
tax
plan
would
lower
the
corporate
income
tax
rate
for
US
companies
to
28%
from
its
current
level
of
35%.
It
would
also
lower
the
“effective”
tax
rate
on
manufacturers
to
“no
more
than
25%”.
To
offset
these
lower
rates,
the
proposals
would
eliminate
certain
“loopholes”
and
subsidies
that
Treasury
calls
“distortions
that
hurt
productivity
and
growth”.
Among
the
subsidies
on
the
chopping
block
would
be
an
oil
and
gas…
