US President Barack Obama today proposed a move that would increase the American tax paid by some Bermuda-based reinsurers and clamp down on multinational companies using offshore entities for “earnings stripping”.The moves were outlined in the President's Fiscal Year 2012 Budget plan, released today.One of the revenue-raising measures proposed was to “disallow the deduction for excess non-taxed reinsurance premiums paid to affiliates”.A similar move was proposed in last year's US Budget plan. The measure would not single out Bermuda, as it would apply to all non-US insurance groups.If the plan becomes law, Bermuda groups with US affiliates who cede back some of the US insurance premiums to the parent company in the form of reinsurance can expect to pay more tax.Bermuda market companies who would have most to lose from the change, according to analysts, include Ace, XL Group and Arch Capital Group.The earnings stripping move would impact some multinationals who channel some profits through entities in low-tax jurisdictions including Bermuda to trim their US tax bill.