"White House Budget Director Jacob Lew said President Obama would propose a series of tax increases to fund the bill.
The bulk of the cash - some $400bn - would be raised by limiting the tax exemptions for individuals earning over $200,000 and families earning over $250,000, Mr Lew said.
Tax loopholes for oil and gas companies would be closed, and there would be changes to the way corporate jets are taxed as well as taxes on the interest earned by fund managers.
Many of those proposals were rejected by Republicans in Congress outright during the summer debate over raising the debt ceiling.
Mr Lew said that the president would build a "cushion" of $20bln into the cuts in order to ensure the whole program is paid for."
http://www.bbc.co.uk/news/world-us-canada-14886689
I am of the opinion that the limit is too low. It should be set at $400000 for families and $300000 for individuals to take into account more small business people, even sole proprietors who will spend money.
In the end, the jackasses in congress, should come up with a final plan, and no more frting around.
Get it done!
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