President Obama proposed a plan Wednesday that would lower the nation’s corporate tax rate to 28 percent. It also would boost overall revenue from corporate taxation by banning numerous deductions and loopholes that save companies tens of billions of dollars a year on their tax bills, The Washington Post reported.

The president's plan would not affect small businesses in construction and other industries that are set up as partnerships or S corporations and taxed at individual rates.

Shortly after the president's plan came out, GOP candidate Mitt Romney announced a package of tax cuts that he would like to see put in place.