By The Associated Press, Associated Press
A comparison of corporate tax proposals by President Barack Obama, House Ways and Means Committee Chairman Dave Camp, R-Mich., and GOP presidential hopefuls Mitt Romney, Rick Santorum, Newt Gingrich and Ron Paul:
Corporate income tax rate
Obama: Reduce top tax rate from 35 percent to 28 percent.
Camp: Reduce to 25 percent.
Romney: Reduce to 25 percent.
Santorum: Reduce to 17.5 percent.
Gingrich: Reduce to 12.5 percent.
Paul: Repeal 16th Amendment to the Constitution, stripping Congress of the power to levy income taxes
Obama: Reduce top rate for manufacturers to 25 percent.
Camp: Eliminate unspecified preferences.
Romney: Create temporary investment tax credit, extend write-offs for capital expenditures.
Santorum: Eliminate corporate income tax for manufacturers.
Gingrich: Full write-offs of capital expenditures.
Paul: No specifics.
Obama: Keep U.S. system of worldwide taxation, with an unspecified minimum tax on foreign earnings.
Camp: Exempt 95 percent of foreign earnings from U.S. taxation.
Romney: Transition to territorial system that does not tax foreign profits.
Santorum: Tax foreign profits returned to the U.S. at 5.25 percent; eliminate the tax if the income is invested in plants and equipment.
Paul: Allow foreign profits to be returned to U.S. tax-free.
Gingrich: No specifics.
Sources: Treasury Department, House Ways and Means Committee, Tax Policy Center, campaign websites.
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