Leading House Republicans are bashing President Barack Obama’s plan to end tax breaks for multinational corporations.

Obama on Monday announced several proposals to reform international tax laws, including a plan to eliminate benefits for companies that harbor their cash in offshore accounts. The proposed changes, which Obama vowed to make during his presidential campaign, could raise $210 billion in revenue over the next 10 years.

But House Ways and Means ranking member David Camp (R-Mich.) likened Obama’s plan to a new business tax and said it makes it likelier that foreign companies will buy out U.S. companies.

“This proposal isn’t about closing loopholes; it is about closing the door on good paying American jobs at companies like Caterpillar and Cisco. Raising taxes on them, particularly during a recession, is taking the wrong action at the wrong time,— Camp said in a statement.

Camp said Obama’s proposal is only good if “you liked Anheuser-Busch being bought by InBev and think it is a good idea for Fiat to own Chrysler.—

House Minority Whip Eric Cantor (R-Va.) said the fiscal 2010 budget plan put forward by Republicans is the better solution to simplifying the tax code, closing loopholes and creating jobs.

“Pushing through the largest tax increase on job creators in decades will not help end this recession or get our nation’s economy back on track,— Cantor said in a statement. “What’s clear is that the Democrat Majority in Washington remains disconnected from the realities families and small businesses are facing.—