The Obama administration on Wednesday will propose cutting the top corporate tax rate from 35 to 28 percent, a senior administration official told Reuters.
The proposal also would cut the manufacturing corporate tax rate to 25 percent.
The Treasury Department will release its plan to reform the corporate tax code Wednesday, according to Reuters.
The tax cuts would be paid for by eliminating loopholes and the proposal also calls for a minimum tax on profits earned in countries with low corporate tax rates.
Geithner added some tax incentives would remain for producing goods in the U.S.