I would cut it to 10inches above the soil level with the hope new shoots would come up from soil level or regrow from the main stem. I would then try to root the cut off stem by splititng it into 6'' bits and place in damp soil some where warm.

Picture's so dark its hard to be certain, but it looks like Schefflera arboricola - if it is, the best time to cut it down is spring, but you can have a go now if you want. You'll probably find it doesn't produce stems from the base, but you will get branching from where you cut it - cut just above an existing leaf, as low down as you like. Regarding Botanic's suggestion re rooting the bit you've cut off - I've rooted these loads of times in water, but you can only do it with the top, so keep a bit off the top about 6-8 inches long, remove lower leaves leaving just whatever's at the top, pop it in a bottle of water, keep it topped up with water on a windowsill or somewhere, and after about 6 weeks, it should have produced roots.

Thanks for the info. Since the lowest leaves are higher than I want, I will try cutting it off 10 inches above the soil and root the top.

I'll root some in water too. :)

Thanks for the info. Since the lowest leaves are too high, I will cut it down low and start the top in water.

I thought I could see a small shoot to the left in the pot, but maybe not then, not close enough really to see clearly. I'd cut the long stem to 6 inches, personally, just above a node (a slightly swollen bit on the stem where a leaf has previously been).