Rangel proposes corporate-tax cut

Charles Rangel, chairman of the House Ways and Means Committee, has drafted a bill that would slash corporate income tax rates, The Wall Street Journal said. Sources told the Journal that the bill calls for companies to pay between 30% and 31% instead of the normal 35%. Mr. Rangel, D-NY, fund the tax-cut partially by cutting a tax deduction for manufacturers. That break was intended to keep production in the U.S., the Journal said. He will introduce the pitch later this week, as part of a broader tax bill. Sources said that the bill also proposes a tax hike for private equity managers on carried interest. There may also be another proposal pitched by Rep. Rahm Emanuel, D-Ill., that would make it more difficult for managers of overseas hedge funds to defer income taxes, according to the report.