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 Mason ReidWATCH: There is no Trump-Russia collusion and the media should stop pushing this The demise of debate in Congress ‘North by Northwest,’ the Carter Page remake MORE (D-Nev.), House Speaker Nancy Pelosi (D-Calif.), Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellLawmakers feel pressure on guns Bipartisan group of House lawmakers urge action on Export-Import Bank nominees Curbelo Dem rival lashes out over immigration failure MORE (R-Ky.), and House Minority Leader John BoehnerJohn Andrew BoehnerRestoring fiscal sanity requires bipartisan courage GOP congressman slams primary rival for Ryan donations Speculation swirls about Kevin McCarthy’s future MORE (R-Ohio).

View a copy of the letter and its signatories here.