President Obama on Monday spelled out his plans to close corporate tax loopholes on U.S. multinational corporations and crack down on overseas tax havens.

The goal is to help create new jobs in the United States and make the tax code fairer.

But tax policy experts and corporate lobbyists say such measures, unless accompanied by a reduction in the corporate tax rate, will push more companies to move their operations — and jobs – overseas to more tax friendly countries.

The White House and Treasury Department laid out three proposals that they say will eliminate the current tax advantages U.S.-based multinationals get for investing and creating jobs abroad.

Among them, reforming the “deferral” rule that lets U.S.-based multinationals take deductions on their expenses supporting overseas operations but defer paying income tax on the profits they make from their overseas operations. They only need to pay U.S. income tax on those profits if and when they bring that money back to the United States.

The administration proposes that the companies must also defer taking their deductions until their overseas profits are brought back to the country. It estimates the change would raise $60.1 billion in revenue over 10 years. By Jeanne Sahadi, CNNMoney.com senior writer. Click here to continue reading.

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