Lew Signals Obama Budget Won’t Set Specifics on Corporate Taxes

President Barack Obama’s budget director signaled the administration won’t back a specific proposal for overhauling corporate taxes in the spending plan it releases next week.

Obama has said he wants corporate tax laws rewritten to lower rates and limit breaks for individual industries and companies to make up for lost revenue. That should be done by beginning a discussion with lawmakers about principles rather than setting out a detailed framework in the budget, said Jacob Lew, director of the Office of Management and Budget.