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(AP Photo/Jacquelyn Martin)

(Bloomberg) — Treasury Secretary Jacob J. Lew said the tax system for businesses needs to be overhauled, with lower taxes and closed loopholes, to help boost the economy.

“The best way to achieve reform today is to start with pro-growth business tax reform that protects and strengthens the middle class, lowers rates, simplifies the system, levels the playing field, and eliminates unfair and inefficient loopholes,” Lew said Wednesday in Washington after President Barack Obama laid out a plan in his State of the Union address last night. “We have a unique opportunity now to get this done.”

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