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. Harry Reid: U.S. poised to go off '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.

Richard Cowan and David Lawder




Reuters

10:02 a.m. CST, December 27, 2012

WASHINGTON, Dec 27 - Senate Majority Leader Harry Reid on Thursday warned 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.

Reid, the top Democrat in Congress, criticized Republicans for refusing to go along with any tax increases as part of a budget remedy as he sketched out a pessimistic outlook.

"It looks like that is where we're headed," Reid said of the likelihood of the U.S. economy going over the "fiscal cliff" - with tax increases on most working Americans and automatic spending cuts kicking in next month.

Reid made his comments in a Senate floor speech at the opening of a post-Christmas session, adding that time was running out ahead of a December 31 deadline to act to avert the "fiscal cliff."

Reid urged House of Representatives Speaker John Boehner, the top Republican in Congress, to bring his chamber back into session and to avoid the biggest impact of the "fiscal cliff" by passing a Democratic-backed bill extending low income tax rates for all Americans except those with net household incomes above $250,000 a year.

House Republicans are expected to hold a telephone conference call on the fiscal cliff on Thursday afternoon, a House Republican aide said, adding that a schedule for returning to Washington would be discussed.

Should Congress fail to act by December 31, tax rates for all Americans would snap sharply higher, back to pre-2001 levels, and two days later, $109 billion in automatic spending cuts would start to take effect. Together, the higher taxes and lower spending would suck about $600 billion out of the U.S. economy, potentially causing a new recession in 2013.

On Wednesday, it was Boehner who urged the Democratic-controlled Senate to act first to avoid the fiscal cliff, offering to at least consider anything that the Senate produced.

Reid returned the volley on Thursday, saying that the Senate had already acted, and the Democrats' solution needs the consent of both Boehner and Senate Republican Leader Mitch McConnell.

Reid said Boehner "has just a few days left to change his mind" on the Senate bill. "I don't know time-wise how it can happen now."

(Reporting by David Lawder and Richard Cowan; Editing by Alistair Bell and Will Dunham)

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Temple Run was downloaded more than 2.5 million times on Christmas Day

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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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Creating the Ultimate Housework Workout

Robert Wright for The New York Times

Chris Ely, an English butler, and Carol Johnson, a fitness instructor at Crunch NYC, perfecting a houseworkout.

CAN housework help you live longer? A New York Times blog post by Gretchen Reynolds last month cited research linking vigorous activity, including housework, and longevity. The study, which tracked the death rates of British civil servants, was the latest in a flurry of scientific reports crediting domestic chores with health benefits like a lowered risk for breast and colon cancers. In one piquant study published in 2009, researchers found that couples who spent more hours on housework had sex more frequently (with each other) though presumably not while vacuuming. (The report did not specify.)

Intrigued by science that merged the efforts of a Martha with the results of an Arnold (a buffer buffer?), this reporter challenged a household expert and a fitness authority to create the ultimate housework workout — a houseworkout — in her East Village apartment. Perhaps she could add a few years to her own life while learning some fancy new moves for her Swiffer. Christopher Ely, once a footman at Buckingham Palace, and Brooke Astor’s longtime butler, was appointed cleaner-in-chief. Mr. Ely is a man who approaches what the professionals call household management with the range and depth of an Oxford don. Although he is working on his memoirs (he described his book as a room-by-room primer with anecdotes from his years in service), he was happy enough to put his writing aside for an afternoon. His collaborator was Carol Johnson, a dancer and fitness instructor who develops classes at Crunch NYC, including those based on Broadway musicals like “Legally Blonde” and “Rock of Ages.”

Mr. Ely arrived first, beautifully dressed in dark gray wool pants, a black suit coat and a crisp white shirt with silver cuff links. He cleans house in a white shirt? “I know how to clean it,” he countered, meaning the shirt. When Ms. Johnson appeared (in black spandex and a ruffly white chiffon blouse, which she switched out for a Crunch T-shirt), theory, method and materials were discussed.

“If you’re dreading the laundry,” Ms. Johnson said, “why not create a space where it’s actually fun to do by putting on some music?” If fitness is defined by cardio health, she added, it will be a challenge to create housework that leaves you slightly out of breath. “I’m thinking interval training,” she said. As it happens, one trend in exercise has been workouts that are inspired by real-world chores, or what Rob Morea, a high-end Manhattan trainer, described the other day as “mimicking hard labor activities.” In his NoHo studio, Mr. Morea has clients simulate the actions of construction workers hefting cement bags over their shoulders (Mr. Morea uses sand bags) or pushing a wheelbarrow or chopping wood.

Mr. Ely averred that service — extreme housekeeping — is physically demanding, with sore feet and bad knees the least of its debilitating byproducts. Mr. Ely still suffers from an injury he incurred while carrying a poodle to its mistress over icy front steps in Washington When the inevitable occurred, and Mr. Ely wiped out, he threw the dog to his employer before falling hard on his backside. And the right equipment matters: After two weeks’ employ in an Upper East Side penthouse, he was handed a pair of Reeboks by his new boss, the better to withstand the apartment’s wall-to-wall granite floors. (For cleaning, Mr. Ely wears slippers, deck shoes or socks.)

Mr. Ely, whose talents and expertise are wide-ranging (he can stock a wine cellar, do the flowers, set a silver service, iron like a maestro and clean gutters, as he did once or twice at Holly Hill, Mrs. Astor’s Westchester estate), is a minimalist when it comes to materials. He favors any simple dish detergent as a multipurpose cleaner, along with a little vinegar, for glass, and not much else. “Dish detergent is designed for cutting grease; there’s nothing better,” he said. He’s anti-ammonia, anti-bleach. He said bleach destroys fabric, particularly anything with elastic in it. “Knickers and bleach are a terrible combination,” he said. “I had a boss who thought he had skin cancer. His entire trunk had turned red and itchy.” It seems his underpants were being washed in bleach. (Collective wince.) “It’s horrible stuff.”

As for tools, he likes a cobweb cleaner — this reporter had bought Oxo’s extendable duster, which has a fluffy orange cotton duster that snaps onto a sort of wand, but Mr. Ely prefers the kind that looks like a round chimney brush. (If you live in a house, he also suggests leaving the cobwebs by the front and back doors, so the spiders can eat any mosquitoes coming or going.) Choose a mop with microfiber fronds (he suggested the O Cedar brand) because it dries quickly and doesn’t smell. And a sturdy vacuum. Also, stacks of microfiber cloths or a terry cloth towel ripped up.

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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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Tornadoes, snow hit the South

A heavy snowstorm that blanketed Texas and Oklahoma is moving northeast on Wednesday. Gulf Coast states are recovering from heavy winds and twisters. (Dec. 26)

MOBILE, Alabama (Reuters) - A major winter storm system swept through the southern United States on Tuesday, spawning tornadoes in several states and killing two people in weather-related road accidents.

The National Weather Service (NWS) said a tornado struck Mobile, Alabama, home to about 200,000 people, at about 5 p.m. local time (2300 GMT). There were reports of damage to trees and widespread power outages, along with some structural damage, but no injuries or fatalities.

Tornadoes also touched down in Mississippi, Texas and Louisiana, flattening houses and causing some injuries, according to the NWS.

The wild Christmas weather was expected to continue into early Wednesday - the NWS' Storm Prediction Center forecasted the development of "a few strong tornadoes and thunderstorm wind damage over parts of the southeast" this evening and overnight.

It warned that tornadoes at night at this time of year can be particularly dangerous because they are usually fast-moving and obscured by rain and darkness. Areas mostly likely to be hit by strong storms include southern and eastern Alabama, the Florida Panhandle and southwest Georgia, the NWS warned.

Tuesday's storms also contributed to a 21-vehicle pile-up that shut down a major highway in Oklahoma City and tens of thousands of power outages.

A Texas man died after an accident involving a tree in the road, and another person died in a weather-related accident on I-44 in Oklahoma, according to local authorities.

The storm was expected to evolve into a blizzard from Arkansas to southern Illinois on Tuesday night, with snowfall of up to a foot in some areas, according to Accuweather.com.

Accuweather.com senior meteorologist Kristina Pydynowski warned on the website that travel will be "extremely treacherous, if not impossible, as the snow clogs roads, such as interstates 24, 55 and 57, and the blowing snow severely lowers visibility."

The Indiana governor's office issued an advisory Tuesday evening that "non-essential employees" who live in areas where snow emergencies have been declared do not have to come to work.

The snowstorm will shift on Wednesday to the eastern Great Lakes and northeastern region, with a blizzard warning in effect for Cleveland starting at 7 a.m. on Wednesday (1200 GMT), forecasters said. Cleveland could get up to a foot of snow, according to the NWS.

Southern Indiana is under a blizzard warning starting early Wednesday morning, according to NWS meteorologist Crystal Pettet. Indianapolis could see its biggest snowfall in four years, with a possibility of 10 to 12 inches of snow.

"Conditions should be pretty bad in time for rush hour," Pettet said.

CHRISTMAS SNOWFALL

In the town of McNeill in southern Mississippi, an apparent tornado destroyed 12 homes and injured eight people, though none of the injuries appear life-threatening, said Danny Manley, director of the Pearl River County Emergency Management Agency.

Manley said the homes could not be rebuilt, as some had lost roofs and their top stories and one was smashed by a tree.

Another apparent tornado hit Centreville, Mississippi, in the southwestern part of the state, injuring one person, destroying a trailer and heavily damaging other homes and buildings, according to Tim Destri, a NWS meteorologist in New Orleans.

A tornado destroyed a building 13 miles southeast of Crockett, Texas, and a bank lost a section of its roof, according to Accuweather.com.

Freezing drizzle overnight led to 10 separate collisions on Interstate 40 in Oklahoma City early on Tuesday, said Betsy Randolph, a spokeswoman for the Oklahoma Highway Patrol. The city also got a rare Christmas snowfall.

The 21-vehicle pile-up included three tractor-trailers and shut down the westbound lanes for about five hours, she said. Twelve people were taken to hospitals, and troopers were checking on the severity of their injuries.

Ahead of the storm's path, parts of eastern West Virginia are under a winter storm warning. Ice accumulations of up to half an inch are expected in higher elevations, the NWS said.

(Reporting by Kaija Wilkinson, Ian Simpson and Mary Wisniewski; Editing by Sandra Maler, Todd Eastham and Paul Simao)

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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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One Illness After Another, and an Eviction Looming

As the water surged through the basement apartment of a Coney Island town house during Hurricane Sandy, Jeffrey Cowen, a cherubic and chatty sort, tried to calm down the two tenants who had remained with him in the building.

Michelle V. Agins/The New York Times

Jeffrey Cowen, 51, in his Coney Island apartment. His illnesses have led to his falling about $8,400 behind in his rent.

For the past 100 years, The New York Times Neediest Cases Fund has provided direct assistance to children, families and the elderly in New York. To celebrate the 101st campaign, an article will appear daily through Jan. 25. Each profile will illustrate the difference that even a modest amount of money can make in easing the struggles of the poor.

Last year donors contributed $7,003,854, which was distributed to those in need through seven New York charities.

2012-13 Campaign

Previously recorded:

$3,512,137

Recorded Friday:

302,605

*Total:

$3,814,742

Last year to date:

$3,648,728

*Includes $709,856 contributed to the Hurricane Sandy relief efforts.

The Youngest Donors

If your child or family is using creative techniques to raise money for this year’s campaign, we want to hear from you. Drop us a line on Facebook or talk to us on Twitter.

“The water is not here yet, and we have two more floors and the roof,” Mr. Cowen, 51, recalled telling them, as everybody stood in his first-floor studio apartment. “It’s not time to panic. Even if the water gets in here, we’re still not going to panic, because that’s how people get hurt.”

This levelheadedness seems to inform his attitude about his illnesses — spinal stenosis, diabetes, hypertension and heart problems. Mr. Cowen has been to the operating room enough, he said, that he has developed a “shtick”:

“I say to the doctors, ‘Listen up — Rule No. 1: I don’t want to hear “Oops!”

“ ‘Rule No. 2: I don’t want to hear: “Dr. Brown, we haven’t seen anything like this since med school.” ’ ”

Nonetheless, Mr. Cowen’s illnesses have led to his falling about $8,400 behind in his rent; he could face eviction proceedings beginning next month.

Mr. Cowen, a counselor at John V. Lindsay Wildcat Academy, a charter school for at-risk youth, was born in Washington Heights in Manhattan but grew up with two siblings in Portsmouth, Ohio.

Mr. Cowen’s father owned a pallet-making business located in Portsmouth and Columbus, Ohio. The business thrived until the main plant in Portsmouth burned to the ground, he said.

The family eventually received welfare benefits.

Mr. Cowen received a bachelor’s degree in psychology from the Ohio State University, and another in political science from Antioch College. He went to Los Angeles after his five-year marriage ended in divorce. In 2000, an online relationship brought him to New York, and when the relationship ended, he stayed.

In 2007, he began feeling “a tingling down my spine.” An M.R.I. revealed that he had spinal stenosis, a narrowing of the spinal column that puts pressure on the cord. He had surgery to remove a piece of bone from his vertebrae to relieve pressure, he said.

In June 2010, he began feeling sick, and so run-down that he frequently missed work. When his sick days and vacation days were used up and he could not work, he had no income. About four months later, he had a heart attack, and had stents implanted. Because he had worked sporadically, he had fallen $3,300 behind in his rent and utilities, he said. Within nine months, he had recovered financially, he said.

“Around early fall of last year, I became weaker and weaker,” Mr. Cowen said. He exhausted his vacation and sick days and again began falling behind on his rent and bills. He said he did not seek medical care because disability payments would not be enough for him to make his rent. Being out of the hospital allowed him to work, if only intermittently.

“I popped children’s aspirin like M & M’s just to keep the blood flowing,” he said, but eventually he went to the hospital, where he found out he needed heart surgery — a triple bypass. He also found out that he had hypertension and diabetes.

Now, Mr. Cowen is back at work, trying to keep up with his rent and to pay his landlord extra each month to bring his rent current. He said he was relieved when he received assistance from the Metropolitan Council on Jewish Poverty, a beneficiary agency of UJA-Federation of New York, one of the organizations supported by The New York Times Neediest Cases Fund. Met Council drew $1,387 from the fund to help him pay outstanding electric and heating bills.

Mr. Cowen is applying to various sources for ways to pay the back rent, but he said that soon his landlord might have to initiate eviction proceedings.

And while he acknowledges that sometimes the whole situation “feels like a house of cards,” he does not feel sorry for himself. “It’s not unusual right now,” he said. “In this country, working people are often one medical disaster away from financial ruin.”

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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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