Washington (CNN) -- The Treasury Department will unveil President Barack Obama's corporate tax reform plan on Wednesday, senior administration officials told CNN.

Treasury Secretary Tim Geithner told a Senate panel last week the plan will be an effort to find "common ground" on broad principles between Republicans and Democrats on Capitol Hill.

"We want to maximize the chance we can take advantage of that (common ground) to build consensus on something that's going to work," Geithner told the Senate Finance Committee.

The Obama administration has been talking about unveiling a plan to fix the corporate tax system for well over a year.

Senior administration officials Tuesday would not provide details of the president's plan. They said it will be consistent with his commitment to fairness and the message he laid out in the State of the Union address.

In the State of the Union address and in subsequent speeches, Obama has called for ending tax breaks for companies that outsource jobs overseas and lowering rates for U.S. businesses that create jobs at home.

"Right now, companies get tax breaks for moving jobs and profits overseas," Obama said in his address to Congress in January. "Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world. It makes no sense, and everyone knows it. So let's change it. "

Obama also said that it was time to end subsidies and tax breaks for the oil industry, which "rarely has been more profitable," while increasing tax credits for developing alternative energy sources.

http://www.cnn.com/2012/02/21/politics/obama-corporate-taxes/index.html

This man is a political genius or a very good poker player.
Saving his best hands for the election years.
I want to see the GOP try and defend the current corporate tax system.

 

-----signature-----

He also wanted to raise taxes on the rich, which most American's support but you saw how far that went.

 

-----signature-----

One could argue that sheltering money in offshore accounts, not paying taxes, and moving all projects to other countries is unamerican.

The world is a funny place sometimes. Wonder what (if anything) will come from this. It is certainly a unique approach.

Even most Republicans feel that way, yet somehow the Republican party is against it.

 

-----signature-----

Interesting... I wonder if it is part of a plan to raise capital gain taxes.

Has always been an argument that the govt is double dipping (tax the company then tax the income from the shareholders). That is why gains have only been taxed at 15%.

 

-----signature-----

Of course it is. All politicians play a pea & shell game when it comes to taxes. Guess who always holds the bag in the end though? The entire middle class, which includes people Obama calls "rich."