As part of a plan for reducing the nation’s deficit, President Barack Obama on Wednesday will propose tax increases for people making more than $250,000 a year, according to a front-page article in Monday’s WSJ. The president will also call for changes to parts of the tax code he thinks benefit the wealthy, it says.

But Republicans argue that raising top rates would hurt small businesses and cut into cash that might otherwise turn into consumer spending, reported The Wall Street Journal.

A plan released last week by House Budget Committee Chairman Paul Ryan (R., Wis.) would make permanent the income-tax cuts approved under President George W. Bush, close loopholes and lower tax rates, among other moves. This would potentially benefit small business since many entrepreneurs pay taxes for their establishments at the individual level. The National Federation for Independent Business, a trade group in Washington, estimates that 75 percent of small-business owners fall into this category.