In its latest proposal for resolving the fiscal cliff, the WhiteHouse said it will consider overhauling corporate taxes as part ofthe deal, according to the Wall Street Journal. TheJournal says the Obama administration proposal did notprovide any specifics about corporate tax changes. But in February,the administration released a corporate tax proposal that includeddropping the tax rate to 28% from 35%, along with eliminating sometax deductions, with the amount of taxes collected from companiesremaining roughly the same.

Democrats and Republicans are talking about a two-phase fiscalcliff solution, with some tax and spending changes decided byyear-end and a commitment made to enact more entitlement and taxchanges next year, according to the Journal, and acorporate tax overhaul would fit into the second phase.

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