WASHINGTON (WUSA) -- The White House is looking to overhaul the corporate tax system.
The Obama administration is expected to announce on Wednesday plans to lower the top tax rate to 28% from 35%. But it would nix dozens of deductions, in effect raising even more tax revenue.
The nation's top tax rate is the second highest in the world -- behind Japan -- but few companies pay that rate because they take advantage of so many tax breaks.