A senior administration official says the Obama administration is proposing to cut the corporate tax rate from 35 percent to 28 percent. It also seeks a deeper rate cut, to 25 percent, for manufacturers, AP reported.

The plan would require congressional action, unlikely in an election year. Treasury Secretary Timothy Geithner (GYT'-nur) was to spell out the plan later Wednesday, Feb 22.

The official said the Treasury Department's corporate tax framework would call for ending dozens of loopholes and subsidies. It also would propose setting a minimum tax on foreign earnings.

The rate cuts, closed loopholes and minimum tax on overseas earnings would result in no increase in the deficit.

The official spoke on the condition of anonymity to describe the plan ahead of its release.