It’s nice the president wants to go after tax dodging corporations who stash dollars overseas. But, it seems like he’s offering those dodgers a sweet deal.

In his new budget, he’s proposing a “transition tax” which would tax overseas cash stashed away at a 14 percent rate. What a deal for some big corporations, per Citizens For Tax Justice:

This proposal would provide huge tax cuts to many corporations currently holding profits, often actually earned in the U.S., in low-rate foreign tax havens. Ten of the biggest offshore tax dodgers would receive a collective tax break of $82.4 billion.

And:

• Apple currently holds $137 billion of its cash offshore. Under current rules, the company should pay $45 billion when these profits are repatriated. But the Obama plan would allow it to reduce its tax bill to $18 billion — a $26.9 billion tax break.

• Microsoft would see a $17.7 billion tax cut on its $92.9 billion in offshore profits under Obama’s proposal.

• Large financial companies with substantial offshore cash would benefit handsomely from the president’s proposal: Citigroup would enjoy a $7 billion tax cut, while JP Morgan Chase would get a $3.8 billion tax break. Bank of America and Goldman Sachs would receive tax breaks of $2.6 billion and $2.4 billion, respectively.

Tax them at the rate that existed when they made the profits: 35 percent.