Corporations fear they will be the main course on a menu calling for hundreds of billions of dollars in new tax revenue that President Barack Obama is expected to seek in his annual budget proposal, expected within weeks.

Fresh off a political win that raised tax rates on the affluent and averted the so-called "fiscal cliff," Obama is not likely to back away from past proposals he has sought to close tax loopholes and raise taxes on many big companies, said former advisers to the president.

Indeed, some lobbyists who represent Corporate America said they fear Obama could ask for even more than in past years.

"I expect President Obama to add new revenue from business," said Cathy Schultz, a lobbyist with the National Foreign Trade Council, which represents global companies such as Caterpillar Inc and General Electric Co.