Don't panic just yet. I'm not even sure that this is would have a major effect on IT. It's more targeted towards US companies like Black and Decker that moved their HQ's outside the US just to dodge taxes and the basic idea is to remove that incentive.
If anything, this would probably be a boost to Indian companies in India, since it might cause a pullback of the US "elephants" and leave more space for locally-based companies. For Indian companies with US operations, I'm not sure that it would have that much impact.
The whole issue is rather tricky, since it all began on the idea that US companies shouldn't be double-taxed for operating internationally. Unfortunately, the concept was abused, and now Obama's trying to see if he can do something about it. What actually gets done, how well it works, and who gets impacted are yet to be determined.
I don't have a whole lot of faith in protectionism, but reverse protectionism isn't good either. It's not good for the American economy if we all end up unemployed because it's cheaper for companies to operate overseas. SOMEONE back here has to be able to bring in a paycheck if we want to pay off the the bills we've rung up and the bills we're in the process of ringing up, And SOMEONE has to be able to afford all those inexpensive goods and services from places like India and China.
As long as India is a place where you can live well on a salary that would make an American homeless, I don't think there's a whole lot to worry about. Although personally, I'd prefer to be hired because I do superior work over simply because I work cheap. I'm always mindful of costs, myself, but the lowest price isn't everything, and frequently is isn't even a very good thing.
An IDE is no substitute for an Intelligent Developer.
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