Last week, President Obama proposed to severely restrict “deferral,” supposedly to “eliminate tax breaks for companies that move jobs offshore.” In other words, he basically blasted American-based international corporations as tax cheats and is launching a big tax hike on all of them. Yet, as my friend Dan Mitchell explains in this new video from the Center for Freedom and Prosperity, America’s current tax laws are already very punitive for American companies that compete in the global marketplace. The president’s proposal will make a bad situation even worse.