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Corporate Taxes on Table in Cliff Talks

“The White House has told Republicans it would include an overhaul of the corporate-tax code as part of any deal to reduce the deficit, people familiar with the talks said, a move to court business groups as budget negotiations intensify.

Corporate taxes hadn’t until now been part of budget talks aimed at averting spending cuts and tax increases set for January. Much of the focus has instead been on the expiring individual income-tax rates.

The offer from the White House came amid a fresh round of proposals from both sides, as President Barack Obama and House Speaker John Boehner exchanged counteroffers to address the so-called fiscal cliff. Big gaps remain between Democratic and Republican negotiators, and while talks are continuing, there is no guarantee a deal will be struck, with or without a corporate-tax revamp.

The White House’s corporate-tax suggestion wasn’t specific, according to officials familiar with the offer, other than committing to overhaul the corporate tax code in 2013. White House officials, in making the suggestion, cited a corporate-tax plan the administration unveiled in February but said they weren’t wedded to any specifics….”

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