Any corporate tax reform should eliminate scores of loopholes and subsidies and use the savings to lower rates — specifically from a current top rate of 35 percent down to 25 percent.

The new system should likewise prioritize U.S. manufacturing, according to the administration, by creating permanent incentives that allow American manufacturers to pay an effective rate of no more than 25 percent.

The White House is also proposing a new minimum tax on foreign earnings, to encourage domestic investment, and limit the extent to which companies can defer taxation by delaying repatriation of foreign income.