U.S. Treasury Secretary Henry Paulson plans to convene a conference in the coming week that could lead to an overhaul of the corporate tax system and a cut in corporate taxes.

In an opinion piece in The Wall Street Journal, Paulson indicated that he believes the high rate of corporate taxes in the United States is harming its competitiveness in the world market. "The current tax code distorts capital flows, hurting productivity, job creation and our global competitiveness," he wrote.

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