US businesses slam Obama's budget proposals

After months of trying to strike a more business friendly stance, president Obama announced a budget plan yesterday that includes old proposals that have made corporate America see red.

In its fiscal 2012 budget, the Obama administration has outlined over $200 billion in higher taxes for oil and gas companies, banks and multinational firms - proposals that have in the past run into strong opposition by industry.

The proposals, however, do not detail a core part of Obama's effort to win the trust of big business: an overhaul of the corporate tax code that would lower the overall rate that firms pay.

According to chief tax counsel for the US Chamber of Commerce, Caroline Harris, she was just extremely disappointed and certainly did not expect to see a full plan. She added some good-faith effort would have gone along with the business community.

The budget proposals also include one that could up costs for businesses by increasing the fee they pay the government to support their pensions plans.

According to corporate lobbyists, with Republicans having majority control of the House, there was little chance of the proposed business tax becoming a reality.