Deep socialism

Apparently the Obama administrations is turning us into a socialist banana republic by, uh, taxing corporate profits. That's right, he's a nationalizing some of their profits. OMG! Turn on Fox. Via Reuters:

A central provision would prohibit companies from deducting expenses supporting their overseas operations until they pay taxes on offshore profits. The officials said the plan would also end a practice by which some firms take big deductions against their taxes by inflating the amount of foreign taxes they have paid.