Fox's response: a gradual reduction of the corporate tax rate to 30% from 34%.

FORBES: Magazine Article

The second change is that, in return for agreeing to a reduction in the corporate tax rate, the Ministry of Finance is closing a number of loopholes.

ECONOMIST: Worse to come

Alarmed by Japan's rapidly mounting debts, the ministry wants any reduction in the corporate tax rate to be balanced by a broadening of the tax base.

ECONOMIST: Tax reform runs late

Making matters worse, the Joint Committee of Taxation issued a report stating that in order to pay for a reduction of the top corporate rate to 28%, Congress would have to eliminate virtually all corporate tax deductions, including those for domestic manufacturing, the very industry President Obama aims to protect with the reduction in rates.

FORBES: President Obama Releases Agenda For A Potential Second Term: Dissecting the Tax Aspects