American multi-nationals in Ireland could be facing a one-off tax costing tens of billions of dollars.

Proposals to be unveiled today by US President Barack Obama will see multi-nationals face a one-off levy of 14% on all their earnings overseas.

Mr Obama will target a loophole that lets companies pay no tax on earnings held abroad, the White House said.

The Irish government announced plans late last year to phase out the 'double Irish' tax loophole.

But it is thought this new proposal will face stiff resistance from Republicans in the US.

Mr Obama will also seek to impose a 19% tax on US companies' future foreign earnings.

The money raised from the tax would fund repairs and improvements to roads, bridges, transit systems and freight networks, according to Reuters.

A number of US companies based in Ireland have come under scrutiny for their tax set up, including Apple and Google.

The proposals form part of a US$4tn budget by the Obama administration to be published later this afternoon.

It also expected to see some US$7.4bn to fund clean energy technologies and a fund to encourage US states to make faster and deeper cuts to emissions from power plants.

Meanwhile it is reported that the budget could provide some US$400mn to help communities assess flood risks.

Mr Obama has made fighting climate change a top priority in his final two years in office.