President Bush is considering the possibility of simplifying the corporate tax system, as long as the changes don't affect the amount of taxes the government collects.The president's announcement came on the heels of a conference convened by Treasury Secretary Henry Paulson in July, in which he proposed a cut in corporate taxes to make the U.S. more competitive.

However, Paulson's push to streamline the corporate tax code is not favored by Democratic lawmakers, who are currently considering a number of corporate tax hikes and strategies to raise revenues.

President Bush emphasized that the administration is still in the early stages of discussion on the matter.

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