Break-Free Corporate Tax Code Misses Republican Rate Goal

A report from the chief congressional scorekeeper casts doubt on Republican efforts to cut the corporate tax rate to 25 percent without increasing the U.S. budget deficit or shifting the cost to other taxpayers.

Scrapping almost every existing corporate tax break -- including those for domestic manufacturers, the energy sector and accelerated write-offs of equipment -- would generate enough revenue to lower the corporate rate to 28 percent, according to the congressional Joint Committee on Taxation. The estimate was requested by Democrats on the House Ways and Means Committee.