Geithner: Corporate tax plan to come 'soon'

WASHINGTON (MarketWatch)
The Obama administration will soon release a framework for reforming the corporate tax system, Treasury Secretary Timothy Geithner said Tuesday
On Monday, President Obama urged Congress to begin work overhauling the business tax system. In testimony to the Senate Finance Committee, Geithner said that "the large number of loopholes and special interest carve-outs" means that effective tax rates vary widely by industry and even by company This allows some corporations to avoid paying income taxes almost entirely, he said
 Geithner said that the tax code for working Americans also needs a comprehensive overhaul
 Geithner defended the Obama budget request, saying that it would be a mistake to move too quickly to austerity
 "Though recent economic data has been somewhat promising, we have a long way to go to fully recover from the worst shock to our economy since the Great Depression," Geithner said.