President Obama right now is outlining his proposal to extend the Bush-era tax cuts for families making less than $250,000. That would mean families and individuals who make more would see their rate increase.
"The American people are with me on this," Obama said of his plan, which is a one-year extension and a bid for the middle-class vote.
But he'll run into immediate opposition from Republicans and some Democrats, including Florida Sen. Bill Nelson, who is seeking re-election.
"Sen. Nelson supports permanently extending the Bush-era tax cuts that are due to expire at the end of this year for everybody making less than $1 million a year," spokesman Dan McLaughlin said.
Obama said 97 percent of small business owners would fall under his cap, trying to rebut Republican charges he would hurt job creators. Obama has long called for the $250,000 threshold.