Retailers Wary of Tax Plan

WASHINGTON — While retailers welcomed the idea of a reduced corporate tax rate, as suggested by President Obama in his State of the Union speech last week, they are also cautious that a rate cut could be offset by the elimination of tax deductions they currently enjoy. Without providing specifics, Obama called on Congress to lower the current corporate tax rate of 35%, suggesting that it also eliminate

WASHINGTON — While retailers welcomed the idea of a reduced corporate tax rate, as suggested by President Obama in his State of the Union speech last week, they are also cautious that a rate cut could be offset by the elimination of tax deductions they currently enjoy.

Without providing specifics, Obama called on Congress to lower the current corporate tax rate of 35%, suggesting that it also eliminate some tax “loopholes” now used by businesses.

“The challenge is that

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