The president has put an even newer tax policy agenda on the table in order to squelch even more money from the "rich". Seeing as he is basically targeting the small business owners, I can really project seeing another bump in unemployment claims. At what point do you realize that small business owners are already taxed to the hilt and with ObamaCare and now a new tax hike, they will either have to shut their doors or have massive layoffs. When will this administration use a little common sense instead of a left wing liberal agenda?

President Barack Obama will lay out his plan for reducing the nation's deficit Wednesday, belatedly entering a fight over the nation's long-term financial future. But in addition to suggesting cuts—the current focus of debate—the White House looks set to aim its firepower on a more divisive topic: taxes.

In a speech Wednesday, Mr. Obama will propose cuts to entitlement programs, including Medicare and Medicaid, and changes to Social Security, a discussion he has largely left to Democrats and Republicans in Congress. He also will call for tax increases for people making over $250,000 a year, a proposal contained in his 2012 budget, and changing parts of the tax code he thinks benefit the wealthy.

"Every corner of the federal government has to be looked at here," David Plouffe, a senior White House adviser, said Sunday in one of multiple television appearances. "Revenues are going to have to be part of this," he said, referring to tax increases.