From Reuters

One tax break targeted in the Obama plan is the "carried interest" loophole that lets managers of private equity and some other funds pay the 15 percent capital gains tax rate on much of their earnings instead of the 35 percent top income tax rate.

The plan also tries to reverse tax incentives for corporations to relocate jobs and research overseas, while giving domestic manufacturing operations a special tax break.

In a new twist, the president proposed imposing a minimum tax on corporate profits earned in low tax countries.

Full run article http://www.reuters.com/article/2012/02/22/us-usa-tax-corporate-idUSTRE81K25N20120222