A combination of 200 businesses and trade associations wrote House and Senate leaders, asking them to eliminate a tax in the Obama administration's budget on revenue earned by overseas subsidiaries.

The Obama administration's proposed budget would get rid of "deferral," which allows companies to defer paying U.S. taxes on money earned overseas. The money earned overseas is typically taxed by the government in which the subsidiary is situated.

"The administration's proposal to repeal 'deferral' would impose a unilateral tax on the foreign earnings of American companies, upsetting the competitive balance between U.S. and foreign companies," the letter stated. "We strongly urge Congress to reject this budget proposal that would impair the global competitiveness of U.S. companies and harm American workers and the U.S. economy."

The letter was addressed to Senate Majority Leader Harry ReidHarry ReidCharles Koch thanks Harry Reid for helping his book sales Warren cautions Dems against infighting Dems see surge of new candidates MORE (D-Nev.), House Speaker Nancy Pelosi (D-Calif.), Senate Minority Leader Mitch McConnellMitch McConnellSenate Dems set principles for potential budget negotiation Dem senator: Don't bet against McConnell on ObamaCare repeal Speaker Ryan, the fate of our policy toward Russia rests in your hands MORE (R-Ky.), and House Minority Leader John BoehnerJohn BoehnerRyan reminds lawmakers to be on time for votes Juan Williams: GOP fumbles on healthcare The Hill's 12:30 Report MORE (R-Ohio).

View a copy of the letter and its signatories here.