Obama Proposes Tax Hikes to Pay for Jobs Bill

WASHINGTON — President Barack Obama is proposing a series of tax increases, mainly on the wealthy, to help cover the cost of a $447 billion economic stimulus proposal, budget chief Jack Lew said Monday.

Lew said Obama's plan would raise $400 billion over 10 years by placing new limits on itemized deductions for individuals making more than $200,000 a year and families earning more than $250,000.

The rest of the $467 billion in savings would come from raising a smattering of other taxes, including those on corporate jet owners and the oil and gas industry.