The Republicans won't like this.
Aides revealed for the first time that the plan will include limits on itemized deductions for individuals who earn more than $200,000 a year and families that earn more than $250,000.
Eliminating those deductions will bring in an additional $400 billion in revenue, said Jack Lew, director of the Office of Management and Budget.
They're closing loopholes. Last night, Newt Gingrich said he's in favor of closing loopholes.