Obama targets foreign profits with tax proposal, Republicans skeptical

``In his budget plan to be unveiled on Monday, Obama will call for a one-time, 14 percent tax on an estimated $2.1 trillion in profits piled up abroad over the years by multinationals such as General Electric (GE.N), Microsoft (MSFT.O), Pfizer Inc (PFE.N) and Apple Inc (AAPL.O). He will also seek to impose a 19 percent tax on U.S. companies' future foreign earnings, the White House said.''