The White House wants to pay for reducing the top corporate rate, which is currently 35 percent, by ridding the tax code of a number of preferences and incentives. Administration officials are also seeking to drop the effective tax rate paid by manufacturers to 25 percent as part of an effort to overhaul the corporate tax code.

"Our business tax system is not just outdated," Treasury Secretary Timothy Geithner told reporters. "It is unfair and inefficient."

Administration officials also said the White House will push to keep only the tax preferences that serve as more than just a tax break for industry — which in their minds includes incentives for manufacturing, research and development and clean energy.

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Source: Bernie Becker | The Hill