What he is planning to do will discourage foreign investment in the US, as well as discourage domestic investment. What will happen is that companies that are large enough will further reduce their presence in the US, if it becomes more expensive, as it will, to have a presence in the US.
If, as Obama is proposing, corporations will be required to pay tax to two countries for the same income, the companies will eliminate activity in the country with the higher tax rate. That country, in a lot of cases, is the US.
I fail to see how eliminating tax breaks for offshoring will cause more jobs to go overseas as for the rest of it...maybe.