Factbox: Winners, losers in Obama corporate tax plan

WASHINGTON (Reuters) - The Obama administration on Wednesday proposed a plan to revamp the corporate tax system, slashing the top tax rate to 28 percent, while eliminating many tax loopholes that companies rely on to cut their taxes.

Although the statutory top corporate tax rate is 35 percent, many companies pay nowhere near that much, with effective tax rates varying wildly because of the use of loopholes.

The administration's plan has little chance of becoming law with elections approaching in November and Congress deeply divided over fiscal issues. Still, the plan opens debate on overhauling the tax code, perhaps in 2013 and beyond.

Below are potential winners and losers under Obama's plan:

LIKELY WINNERS

Likely "winners" under the Obama plan would be retailers such as Wal-Mart Stores Inc and healthcare service groups like Aetna Inc which now pay close to the top 35 percent rate.

Electronics and electrical equipment companies also pay high effective tax rates, according to Citizens for Tax Justice, a left-leaning tax think tank and activist group.

Other companies already paying close to the 35 percent statutory tax rate, include health insurer UnitedHealth Group, motorcycle giant Harley-Davidson and Emerson Electric Co, according to Citizens for Tax Justice.

LIKELY LOSERS

"Losers" might be big multinational companies such as General Electric Co and Boeing Co, which can now pare their effective tax rates using tax breaks that let them shift intellectual property and other valuable assets offshore.

Other major companies paying a low effective or even negative rate, according to analysis by the group, include Baxter International Inc, Wells Fargo & Co and Honeywell International Inc.

According to CTJ, information technology, oil and gas, and utilities are among those paying far below the 35 percent rate.

Oil and gas companies in particular are likely to be losers, since the Obama administration wants to cut a major tax deduction now used by the industry.

MANUFACTURING WILDCARD

The administration plan seeks a special 25 percent rate for manufacturing. Details on this are still murky, though an administration official said the new rate seeks to spur research and development and production of clean energy.

(Reporting By Kim Dixon; Editing by Kevin Drawbaugh and Matthew Lewis)