Obama to offer corporate tax reform plan

Washington (CNN) - The Treasury Department will unveil President Barack Obama's corporate tax reform plan Wednesday - a framework that would reduce the overall rate paid by corporations, a senior administration official told CNN.

The President's tax plan is intended to "enhance American competitiveness by simplifying the tax code and eliminating dozens of tax loopholes and subsidies, incentivizing job creation and investment here at home and lowering the business rate while broadening the tax base," the official said.