Business howls over Obama tax bites

The New York Post reports:

President Obama's plans to tighten time-honored tax loopholes for corporations in hopes of extracting $400 billion in new revenue drew protests across corporate America yesterday.

The biggest chunk would come from international tax changes, including squeezing companies that use overseas operations to reduce or avoid taxes.

Giants such as Microsoft, General Electric and Caterpillar cried foul, claiming, if the budget proposals became law, they wouldn't be able to compete with foreign rivals that enjoy subsidies from their own governments.

"This budget features too many new taxes, too much new spending and too much new debt," said Rep. Dave Camp of Michigan, the top Republican on the tax-writing House Ways and Means Committee.

No word yet from MSNBC news anchors on this one.