President Obama just announced a corporate tax plan that big corporations are going to hate

President Barack Obama's fiscal 2016 budget will seek new taxes on trillions of dollars in profits accumulated overseas by U.S. companies, and a new approach to taxing foreign profits in the future, Reuters reported on Sunday. + In his budget plan to be unveiled on Monday, Obama will call for a one-time, 14% tax on an estimated $2.1 trillion in profits piled up abroad over the years by multinationals such as GE, Microsoft, Pfizer and Apple. +  The 10-year budget "does not seek balance, instead focusing on policies to address income inequality as he adds nearly $6 trillion to the debt," the New York Times reports. + Writes the New York Times' Jonathan Weisman: "The central question that Mr. Obama’s budget will pose to Congress is this: Should Washington worry about what may be the defining economic issue of the era — the widening gap between the rich and everyone else — or should policy makers primarily seek to address a mountain of debt that the White House hopes to control but only marginally reduce as a share of the economy?"