While the international tax proposals rolled out in the Obama Administration's 2011 budget last month were a little friendlier than last year's, executives still view the administration's current approach to taxing international operations with trepidation, according to a recent survey.

The $122 billion in new revenue that the 2011 Obama budget expects to generate from international tax changes is down from $209 billion in new revenue from such changes in the 2010 budget.

The administration dropped a proposal to eliminate "check the box" rules for classifying entities, which would have meant treating certain foreign entities as corporations for U.S. tax purposes. And its proposal to defer the deduction of expenses related to foreign income until that income is repatriated now applies only to interest income, rather than the broader range of income targeted last year.

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