Piano maker Steinway takes down “for sale” sign

NEW YORK (Reuters) – Steinway Musical Instruments Inc, the famous manufacturer of pianos, saxophones and trumpets, said on Wednesday it had decided not to sell itself following a 17-month-long exploration of strategic alternatives.

An American icon synonymous with handmade grand pianos, Steinway has struggled to keep its production margins competitive amid stagnant sales, and has seen its shares plunge 10 percent year-to-date. Still, its third-quarter earnings last month offered signs that cost-cutting was paying off.

In a statement on Wednesday, Steinway said it had received several non-binding indications of interest in buying the company, following talks with other companies in the sector as well as private equity, yet these did not offer more value than its own strategic plan.

“We will continue to focus management’s efforts on execution of that plan and we look forward to a prosperous 2013,” Steinway CEO Michael Sweeney said in the statement.

An in-principle agreement to sell its band instrument division to an investor group led by two of its board members, Dana Messina and John Stoner, was also scrapped in light of the current operating performance of the band division, Steinway said.

In July 2011, Messina, Stoner and other members of management made an offer for Steinway’s band instrument and online music divisions, prompting the company to set up a special committee in order to assess it.

Later that month, Steinway asked investment bank Allen & Company LLC to a assist the special committee on exploring strategic alternatives that could also include selling the whole company outright to other interested parties.

By October 2011, Messina had stepped down as CEO of the company after 15 years at the helm to pursue his bid, yet he remained a board member. He was replaced by Sweeney, a chairman of the board of Star Tribune Media Holdings and a former president of Starbucks Coffee Company (UK) Ltd.

Steinway said on Wednesday that it was continuing a separate process to sell its leasehold interest in New York’s Steinway Hall building, situated on Manhattan’s 57th Street, and was in talks with several parties.

According to its website, Steinway & Sons, the company’s piano unit, opened the first Steinway Hall on 14th Street in Manhattan in 1866.

With a main auditorium of 2,000 seats, it became New York City’s artistic and cultural center, housing the New York Philharmonic until Carnegie Hall opened in 1891. These days, Steinway Hall is a showroom for the company’s instruments.

The Waltham, Massachusetts-based company’s pianos have been used by legendary artists such as Cole Porter and Sergei Rachmaninoff and by contemporary ones like Chinese concert pianist Lang Lang.

(Reporting by Greg Roumeliotis in New York; Editing by M.D. Golan)

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Well: Spinach Recipes for Health

Spinach goes well with all kinds of foods. It’s also a green that is easy to find year-round. As Martha Rose Shulman writes in this week’s Recipes for Health:

Spinach has remained a part of my holiday ritual. I love the convenience of bagged spinach, but I prefer the richness of the lush bunches I get at the farmers’ market. I don’t mind stemming and washing it, but if you are pressed for time the bagged spinach is a godsend, especially if you live in a cold climate and don’t have access to farmers’ market spinach in December.

Below are five new ways to add spinach to your meal. And for more spinach recipes, see “Making Spinach the Star of the Meal.”

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Spinach and Millet Timbale With Tomato Sauce
A timbale is a molded custard, somewhat similar to a quiche without a crust.

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Garlic Soup With Spinach
A quick and easy soup that is a great way to use any leftover turkey stock from Thanksgiving.

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Penne With Mushroom Ragout and Spinach
This is a delicious meal no matter what variety of mushrooms you have on hand.

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Spinach Gnocchi
A considerably lighter version of the classic gnocchi made with spinach and ricotta.

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Spinach, Sardine and Rice Gratin
This classic Provençal gratin is a good way to work fish that is high in omega-3s into your diet.

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McCormick Place development fight held over to 2013

The lengthy battle for control over property slated for hotel development adjacent to McCormick Place will extend into 2013 after a federal bankruptcy judge on Thursday gave the long-time property owners more time to show their plans have financial viability.

Judge Jack Schmetterer this month had given Olde Prairie Block Owner LLC until Thursday to show him it had plausible plans to repay its lenders, chief among them CenterPoint Properties Trust.

Olde Prairie, whose principals include Pamela Gleichman, her husband, Karl Norberg, and Gunnar Falk, have proposed selling portions of the properties for hotel development, with two deals projected to bring in $180 million. The developers said this would be sufficient to pay back lenders in full and develop the properties.

The lender, CenterPoint Properties Trust, contends the plan is not financially viable, in part because the sales agreements contained contingencies. As well, it argued that the structure of the deals would not provide sufficient funds to fully repay lenders.

Schmetterer gave Olde Prairie until Jan. 10 to show the potential buyer of the larger parcel had a firm financing commitment. He also is seeking greater clarity in the sales contract language.

The case has been closely watched because it involves parcels long eyed for development linked to McCormick Place. Speculation has swirled around possibilities,from hotels, restaurants and entertainment venues, including a possible casino, to an arena that could host the DePaul men's basketball team as well as corporate and religious assemblies.

The properties include a 3.67-acre parcel at 330 E. Cermak Rd., directly north of the administrative offices of the Metropolitan Pier and Exposition Authority, the state-city agency that owns McCormick Place, and a 1.23-acre parcel directly west of it at 230 E. Cermak, across the street from the center's West Building.

The authority, known as McPier, this month purchased a separate parcel on the 230 E. Cermak block, with an eye toward gathering enough property to expand hotel, restaurant and entertainment amenities near the convention campus.

kbergen@tribune.com

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Sen. Reid warns U.S. poised to go over 'fiscal cliff'

Rana Foroohar, Time magazine's assistant managing editor for business news, talks to Rebecca Jarvis and Jeff Glor about what a drop off the "fiscal cliff" could mean to businesses and consumers.

WASHINGTON (Reuters) - The top Democrat in the Senate warned on Thursday that the United States looks to be headed over the "fiscal cliff" of tax hikes and spending cuts that will start next week if squabbling politicians do not reach a deal.

Majority Leader Harry Reid told the Senate in a speech that "it looks like that is where we're headed."

He called on the Republicans who control the House of Representatives to prevent the worst of the fiscal shock by getting behind a Senate bill to extend existing tax cuts for all except those households earning more than $250,000 a year.

With the House not in session and the clock ticking toward the scheduled January start of tax increases and deep, automatic government spending cuts, Reid offered little hope.

"I don't know time-wise how it can happen now," he said.

President Barack Obama arrived at Andrews Air Force Base outside Washington after a flight from Hawaii on Thursday on his way back to the White House to try to restart stalled negotiations with Congress.

Obama made phone calls to congressional leaders on Wednesday from his vacation in Hawaii to try to revive the stalled talks to prevent the "fiscal cliff" scenario, which would worry world financial markets and could push the United States back into recession.

U.S. stocks fell to session lows after Reid's pessimistic remarks.

In addition, consumer confidence fell to a four-month low in December as the budget crisis sapped what had been a growing sense of optimism about the economy, a report released on Thursday showed.

"People are hearing about (the cliff) and it negatively impacts confidence and investor sentiment and even holiday sales," said Todd Schoenberger, managing partner at Landcolt Capital in New York.

The chances of a last-minute deal - at least one that would prevent tax hikes - remained uncertain, with Republicans and Democrats each insisting the other side move first amid continuing partisan gridlock.

The Senate, controlled by Democrats, was scheduled to meet later on Thursday but on matters unrelated to the "fiscal cliff."

Speaker John Boehner and other House Republican leaders, who say they are willing to take up a "fiscal cliff" measure only after the Senate acts on one, were to hold a conference call with Republican House members on Thursday.

The expectation for the call was that lawmakers would be told to get back to Washington within 48 hours to consider anything the Senate might pass.

Weather permitting, that would bring them to Washington with perhaps three days left before the deadline for action. Storms affecting the Midwest, the South and the Northeast played havoc with airline schedules.

'NOT WILLING'

"This isn't a one party or one house problem. This is (that) leaders in both parties in all branches of the government are not willing to make the deal that they know they have to make. Everybody wants their stuff but doesn't want to give up what they don't want to give up," Republican U.S. Representative Steven LaTourette told CNN.

The House and Senate passed bills months ago reflecting their own sharply divergent positions on the expiring low tax rates, which went into effect during the administration of Republican former President George W. Bush.

Democrats want to allow the tax cuts to expire on the wealthiest Americans. Republicans want to extend the tax cuts for everyone.

Congress has proven that it can act swiftly once an agreement is reached. Hope persisted that Republicans and Democrats might come up with a resolution before New Year's Day that could at least postpone the impact of the tax hikes and spending cuts while further discussions take place.

That gives some hope to world markets.

"There is still hope for a last-minute deal, otherwise we're in for a correction in January. People have already priced in an agreement. Without it, the market can't stay at these levels," a Paris-based trader said.

Another battle is just over the horizon in late January or early February over raising the debt ceiling, which puts a limit on the amount of money the U.S. government can borrow to pay its debts and can be raised only with the approval of Congress.

Republican leaders have said they will insist on more budget cuts as a condition of raising the ceiling. Without any action, the U.S. Treasury said on Wednesday the government is set to reach its $16.4 trillion debt ceiling on December 31.

The Treasury Department is to begin "extraordinary measures" to buy time. Many analysts believe the government can stave the default date off into late February.

(Additional reporting by Doina Chiacu, Alina Selyukh and Richard Cowan; Writing by Alistair Bell; Editing by Will Dunham)

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British actress Kate Winslet marries for third time

LONDON (Reuters) – British Oscar-winning actress Kate Winslet has married for the third time, her publicist confirmed on Thursday.

The 37-year-old, best known for her starring role in the 1997 blockbuster “Titanic”, married Ned RocknRoll, a nephew of music and aviation tycoon Richard Branson.

The private ceremony was attended by Winslet’s two children from previous marriages and “a very few friends and family”, according to the publicist, and took place in New York earlier this month.

“The couple had been engaged since the summer,” Winslet’s spokeswoman said in a statement.

Winslet has been nominated for six Academy Awards and won once for her lead role in “The Reader”.

Her other notable performances include Iris Murdoch in “Iris”, Clementine Kruczynski in “Eternal Sunshine of the Spotless Mind” and April in “Revolutionary Road“.

That film was directed by Sam Mendes, whom Winslet wed in 2003 and divorced seven years later. Her first marriage was to Jim Threapleton, which lasted from 1998 to 2001.

According to online reports, RocknRoll had his name changed by deed poll from Ned Abel Smith and is an executive for Branson’s space flight venture Virgin Galactic.

The Sun newspaper said the New York wedding was so secret that even the couple’s parents did not know about it.

Hollywood actor Leonardo DiCaprio, who co-starred with Winslet in Titanic and Revolutionary Road, gave her away, the newspaper said.

(Reporting by Mike Collett-White; editing by Steve Addison)

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New York’s Mental Health System Thrashed by Services Lost to Storm

Marcus Yam for The New York Times

Dr. Richard Rosenthal, physician in chief of behavioral services for Continuum hospitals, at St. Luke’s-Roosevelt Hospital Center.

When a young woman in the grip of paranoid delusions threatened a neighbor with a meat cleaver one Saturday last month, the police took her by ambulance to the nearest psychiatric emergency room. Or rather, they took her to Beth Israel Medical Center, the only comprehensive psychiatric E.R. functioning in Lower Manhattan since Hurricane Sandy shrank and strained New York’s mental health resources.

The case was one of 9,548 “emotionally disturbed person” calls that the Police Department answered in November, and one of the 2,848 that resulted in transportation to a hospital, a small increase over a year earlier.

But the woman was discharged within hours, to the shock of the mental health professionals who had called the police. It took four more days, and strong protests from her psychiatrist and caseworkers, to get her admitted for two weeks of inpatient treatment, said Tony Lee, who works for Community Access, a nonprofit agency that provides supportive housing to people with mental illness, managing the Lower East Side apartment building where she lives.

Psychiatric hospital admission is always a judgment call. But in the city, according to hospital records and interviews with psychiatrists and veteran advocates of community care, the odds of securing mental health treatment in a crisis have worsened significantly since the hurricane. The storm’s surge knocked out several of the city’s largest psychiatric hospitals, disrupted outpatient services and flooded scores of coastal nursing homes and “adult homes” where many mentally ill people had found housing of last resort.

One of the most affected hospitals, Beth Israel, recorded a 69 percent spike in psychiatric emergency room cases last month, with its inpatient slots overflowing. Instead of admitting more than one out of three such cases, as it did in November 2011, it admitted only one out of four of the 691 emergency arrivals this November, records show. Capacity was so overtaxed that ambulances had to be diverted to other hospitals 15 times in the month, almost double the rate last year, in periods typically lasting for eight hours, officials said.

Dr. Richard Rosenthal, physician in chief of behavioral services for Continuum Health Partners, Beth Israel’s parent organization, said he was proud of how much Continuum’s hospitals had done to handle psychiatric overflow since storm damage shuttered Bellevue Hospital Center, the city’s flagship public hospital; NYU Langone Medical Center; and the Veterans Affairs Hospital. But these days, he said, as he walks on Amsterdam Avenue between Continuum’s Roosevelt hospital on West 59th Street and its St. Luke’s hospital on West 114th Street, he notices more mentally ill people in the streets than he has seen in years.

“When you have the most vulnerable folks, all you need is one chink in the system and you lose them,” Dr. Rosenthal said. “Whether they lost their housing, or the outpatient services they usually go to were closed and they were lost to follow-up, they have become disconnected, with predictable results.”

Similar patterns are playing out in Brooklyn, where Maimonides Medical Center has been overwhelmed with mental health emergencies from the Coney Island vicinity since Coney Island Hospital, one of the city’s largest acute care psychiatric hospitals, suspended operations, hospital officials said.

“Triage has reached a different level: You have to get sicker to get in,” said Dr. Andrew Kolodny, the chairman of psychiatry at Maimonides, citing a 56 percent increase in psychiatric emergency room visits there from Oct. 26 to Dec. 7, compared with the same period last year, and a 24 percent rise in admissions. The increase in admissions was possible only with emergency permission from the state to exceed licensed limits.

“Not only is there decreased capacity, because Bellevue and Coney Island are off line,” Dr. Kolodny added, “but there’s increased demand because the storm or the loss of their residence has been a stressor for mental illness.”

The storm battered a mental health system that still relies heavily on private nursing homes and substandard adult homes to house people with mental illness. Such institutions have a sordid history of neglect and exploitation, and the courts have repeatedly found that their overuse by the state isolated thousands of people in violation of the Americans With Disabilities Act.

Plans are under way to increase supportive housing — dwellings where mentally ill people can live relatively independently, with support services. But even before Hurricane Sandy, the expansion fell far short of demand.

The storm underscored the fragility of the system. Many disabled evacuees who were sent first to makeshift school shelters lost access to the psychiatric medications that kept their symptoms at bay, Dr. Kolodny said. Even those lucky enough to have the drugs they need are at greater risk of relapse as they experience crowded living conditions. “If they’re now sleeping in a gym with 100 people, that can tip them over the edge and start making them really paranoid,” he said.

On Staten Island, where the chief of psychiatry at Richmond University Medical Center says psychiatric resources have been stretched to the limit, clergy members report that mentally ill people transferred to a large adult home in New Brighton from one that was washed away in Far Rockaway, Queens, are now showing up at church rectories, begging for socks and underwear.

“It’s heartbreaking, because they just found us by chance,” said Margaret Moschetto, a missionary at the Church of Assumption-St. Paul in New Brighton. “They were just walking around the neighborhood. They really didn’t know where they were.”

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Toyota to pay big to settle suits

Toyota Motor Corp., moving to put years of legal problems behind it, has agreed to pay more than $1 billion to settle dozens of lawsuits relating to sudden acceleration.

The proposed deal, filed Wednesday in federal court, would be among the largest ever paid out by an automaker. It applies to numerous suits claiming economic damages caused by safety defects in the automaker's vehicles, but does not cover dozens of personal injury and wrongful-death suits that are still pending around the nation.

The suits were filed over the last three years by Toyota and Lexus owners who claimed that the value of their vehicles had been hurt by the potential for defects, including floor mats that could cause the vehicles to surge out of control.

ROAD TO RECALL: Read The Times' award winning coverage

In addition, Toyota said it is close to settling suits filed by the Orange County district attorney and a coalition of state attorneys general who had accused the automaker of deceptive business practices. The costs of those agreements would be included in a $1.1-billion charge the Japanese automaker said it will take against earnings to cover the actions.

"We concluded that turning the page on this legacy legal issue through the positive steps we are taking is in the best interests of the company, our employees, our dealers and, most of all, our customers," Christopher Reynolds, Toyota's chief counsel in the U.S., said in a statement.

Toyota's lengthy history of sudden acceleration was the subject of a series of Los Angeles Times articles in 2009, after a horrific crash outside San Diego that took the life of an off-duty California Highway Patrol officer and his family.

Under terms of the agreement, which has not yet been approved in court, Toyota would install brake override systems in numerous models and provide cash payments from a $250-million fund to owners whose vehicles cannot be modified to incorporate that safety measure.

In addition, the automaker plans to offer extended repair coverage on throttle systems in 16 million vehicles and offer cash payments from a separate $250-million fund to Toyota and Lexus owners who sold their vehicles or turned them in at the end of a lease in 2009 or 2010. The total value of the settlement could reach $1.4 billion, according to Steve Berman, the lead plaintiff attorney in the case.

The lawsuits, filed over the last several years, had been seeking class certification.

News of the agreement comes scarcely a week after Toyota agreed to pay a record $17.35-million fine to the National Highway Traffic Safety Administration for failing to report a potential floor mat defect in a Lexus SUV. Those come on top of almost $50 million in fines paid by Toyota for other violations related to sudden acceleration since 2010.

The massive settlement does not, however, put Toyota's legal woes to rest. The automaker still faces numerous injury and wrongful death claims around the country, including a group of cases that have been consolidated in federal court in Santa Ana, and other cases awaiting trial in Los Angeles County.

The first of the federal cases, involving a Utah man who was killed in a Camry that slammed into a wall in 2010, is slated for trial in mid-February.

The California cases are set to begin in April, among them a suit involving a 66-year-old Upland woman who was killed after her vehicle allegedly reached 100 miles per hour and slammed into a tree.

Edgar Heiskell III, a West Virginia attorney who has a dozen pending suits against Toyota, said he is preparing to go to trial this summer in a case that involved a Flint, Mich., woman who was killed when her 2005 Camry suddenly accelerated near her home.

"We are proceeding with absolute confidence that we can get our cases heard on the merits and that we expect to prove defects in Toyota's electronic control system," he said.

Toyota spokesman Mike Michels said the settlement would have no bearing on the personal injury cases.

"All carmakers face these kinds of suits," he said. "We'll defend those as we normally would."

The giant automaker's sudden acceleration problems first gained widespread attention after the August 2009 crash of a Lexus ES outside San Diego.

That accident set off a string of recalls, an unprecedented decision to temporarily stop sales of all Toyota vehicles and a string of investigations, including a highly unusual apology by Toyota President Akio Toyoda before a congressional committee. Eventually Toyota recalled more than 10 million vehicles worldwide and has since spent huge sums — estimated at more than $2 billion, not including Wednesday's proposed settlement — to repair both its automobiles and public image.

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Storm spares Chicago as mild winter nears another record

Meteorologist Jeff Berardelli, of Miami's CBS-4, has the latest on the paths of the winter storms.

For the second time in less than a week, a major winter storm is battering the Midwest. And once again Chicago has been spared.

Blizzard warnings have been issued for southern Illinois and parts of Indiana and Kentucky, with as much as a foot of snow whipped by 50 mph wind gusts.

In Pinckneyville, about 60 miles southeast of St. Louis, Rich Emling wasn't catching much of a break. Emling and other workers at his eight-truck towing business had been scrambling to muscle vehicles out of ditches and other tough spots since well before daybreak Wednesday as the region's first significant snowstorm of the season left its mark.

Emling, 43, wasn't expecting any relief later in the day, when he suspected slushy roads to freeze.

“I'm not going to say we're overly swamped, but we're certainly steady,” he said while hauling away a minivan that had slid off a road and hit a culvert. Even before dropping off that vehicle, Emling had another motorist in distress waiting for his help.

“When I was a kid, we had snowstorms all the time, but it seems like we get just two or three nowadays,” Emling said.

In Vincennes, Ind., a National Guard unit has been put on standby after the area received about 9 inches of wet, heavy snow. But Knox County emergency management spokeswoman Kellie Streeter said no major emergencies have been reported in the Vincennes area as of late Wednesday morning.

South of Vincennes, Gibson County Sheriff George Ballard said Interstate 64 and U.S. 31 in southwest Indiana were down to one lane. Ballard said the area has 6 to 8 inches of snow with ice underneath.

Authorities say traffic is light because most people have decided to stay home.

The sweeping storm system also unleashed rare winter tornadoes around the Deep South as it moved toward the Northeast.

The storm system has been blamed for six deaths and several injuries, though no one was killed in the tornadoes. The storms also left more than 100,000 without power for a time across the South, darkening Christmas celebrations.

Severe thunderstorms were forecast for the Carolinas while a line of blizzard and winter storm warnings stretched from Arkansas up the Ohio River to New York and on to Maine.

Thirty-four tornadoes were reported in Texas, Louisiana, Mississippi and Alabama during the outbreak Tuesday, the National Weather Service said.

In Chicago, snow flurries are in the forecast every day this week with highs in the 30s. The last time the high has been below freezing here was on Feb. 25, with a high of 27. The latest Chicago has gone without recording a subfreezing high was Jan. 1, 1924 during the winter of 1923-24.

With today's high already at 33 degrees, the city is within 6 days of the record, according to the Chicago Weather Center.

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Britain’s royal family attends Christmas services

LONDON (AP) — Britain‘s royal family is attending Christmas Day church services — with a few notable absences.

Wearing a turquoise coat and matching hat, Queen Elizabeth II arrived at St. Mary Magdelene Church on her sprawling Sandringham estate in Norfolk. She was accompanied in a Bentley by granddaughters Beatrice and Eugenie.

Her husband, Prince Philip, walked from the house to the church with other members of the royal family.

Three familiar faces were missing from the family outing. Prince William is spending the holiday with his pregnant wife Kate and his in-laws in the southern England village of Bucklebury. Prince Harry is serving with British troops in Afghanistan.

Later Tuesday, the queen will deliver her traditional, pre-recorded Christmas message, which for the first time will be broadcast in 3D.

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Corporate tax rate overhaul may be part of a 'fiscal cliff' deal

WASHINGTON — Amid the wrangling over the so-called fiscal cliff, President Obama and congressional Republicans can agree on something: They want to lower the corporate tax rate.

The U.S. has the highest overall rate of any of the world's developed economies. It took the top spot in March after Japan reduced its rate, mimicking other countries that have lowered taxes to lure new businesses and keep existing companies from leaving.

Negotiations to avert automatic income tax increases and federal spending cuts scheduled to kick in Jan. 1 could provide the impetus for U.S. policymakers to tackle an overhaul of the corporate tax code next year.

The White House wants to put a corporate tax overhaul, along with changes to the individual income tax system, on a fast track as part of any deal to avoid the "fiscal cliff."

The centerpiece of an overhaul would be slashing the 35% corporate tax rate, a goal long sought by corporate executives and lobbyists.

Quiz: How much do you know about the 'fiscal cliff'?

"In the name of global competitiveness, I think that has largely been agreed to," Jim McNerney, chief executive of Boeing Co., said about how both parties view the need for major corporate tax changes.

In February, Obama proposed lowering the federal rate to 25% for manufacturing companies and to 28% for other firms. Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, has been pushing a plan to lower the rate to 25% for all corporations.

In both cases, the rate cuts would be accompanied by the elimination of some of the numerous tax breaks that allow many companies to pay a much lower effective tax rate — and sometimes to avoid paying any corporate taxes at all.

"The administration's position on this is very much in sync with what Republicans say they want, which is a lower rate and a broader base," said Jared Bernstein, a senior fellow at the Center on Budget and Policy Priorities and the former chief economist for Vice President Joe Biden.

But there still are some obstacles to a deal.

Some Democrats want to use an overhaul to increase the amount of tax revenue coming from corporations, while Republicans want to keep the amount the same. The White House and congressional Republicans also differ on how the U.S. should treat money earned abroad.

And the business community itself is divided. Many small companies file taxes as individuals. They're opposed to any "fiscal cliff" deal that would raise their rates while giving corporations a rate reduction.

Analysts said the obstacles could be overcome because there is consensus around the broader point that the U.S. needs to bring its corporate tax rate in line with other developed nations.

"Regardless of your political persuasion, it is unquestionably the case that the nominal U.S. corporate tax rate is much higher than that of peer countries," said Edward Kleinbard, a USC law professor and former chief of staff of Congress' Joint Committee on Taxation.

The case for corporate tax reform got a boost when the overall U.S. rate of 39.1%, which includes federal, state and local corporate taxes, became the highest this year among the 34 nations in the Organization for Economic Cooperation and Development. Two decades ago, the U.S. was 13th.

"At one time in the '80s, we had a competitive corporate tax rate," said Dorothy Coleman, vice president of tax and domestic economic policy for the National Assn. of Manufacturers. "We've fallen behind by standing still."

Quiz: The year in business

But the rate in the tax code isn't what many companies pay because of a host of deductions and tax credits. In 2011, the effective corporate tax rate in the U.S. was 29.2%, roughly in line with the 31.9% average of the six other largest developed economies, the Obama administration said.

The White House said that parity does not mean the statutory rate shouldn't be reduced. It simply means that many tax breaks should be eliminated, allowing the rate to be lowered without adding to the deficit.

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