Treasury Fact Sheet: “Today, the U.S. Department of the Treasury released a crucial piece of that plan – the General Explanations of the Administration’s FY2012 Revenue Proposals, or “Greenbook.” The Greenbook explains the Administration’s revenue proposals, which are designed to provide incentives for innovation, infrastructure, and education; provide middle-class tax relief; reduce the deficit in the medium term; and ensure our tax code is fair and conducive to strong economic growth. The President’s FY2012 Budget positions our nation to win the future and out-innovate and out-compete the rest of the world by including tax cuts to encourage needed investments in innovation, infrastructure, and education, including tax cuts for small business investment, clean energy, and research and development. While preserving these incentives, the President also believes that, to be competitive, we must pursue comprehensive corporate tax reform, and, as the President has announced, we are now looking at ways to lower the corporate tax rate and to pay for this by cutting corporate tax expenditures.