Obama May Put Deficit Test on Effort to Cut Corporate Tax Rate

President Barack Obama has suggested he’s open to supporting a corporate tax code overhaul. Now companies and Republican lawmakers are waiting to see if he shares their priority of lowering the top rate.

Obama told supporters he’ll focus on a theme of making the U.S. more competitive with economic rivals in his State of the Union address tonight. Procter & Gamble Co. Chairman Robert McDonald told a House committee last week that reducing the 35 percent marginal corporate rate and easing tax burdens on global profits would go a long way toward achieving that goal.