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That was the cut-off income for Obama this year, and was where he wanted to raise taxes.
FORBES: U.S. Will Avoid 'Fiscal Cliff', But Conviction Remains Weak
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But some in the industry warned that if they clamp down too hard, they'll cut lower-income people off from homeownership with good lenders.
NPR: Senate Panel Studies Subprime Loan Woes
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The changes also limit the maximum that students would pay to 10 percent of their income and would cut 10 years off of their repayment if they took a public service job.
CNN: Students, rise up against education costs
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The question is what else to do in the short run to cut off rebels' diamond income.
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Interest rates, if they move up, help investment income but cut into book value as bonds sell off.
FORBES
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He may have cut 1p off the basic rate of Income Tax, but overall Labour have increased taxes by the equivalent of 8p in the Pound.
BBC: Stealth taxes and no delivery
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Such a move towards income and asset testing has been considered controversial because of the real fear that it might cut services off for those genuinely in need.
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By adopting the Lib Dems' proposals to raise the threshold at which income tax is paid, the poorly paid will see their tax burden cut, while the better off will have any benefit from this clawed back.
BBC: Budget: Osborne package will test coalition strength
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Because of that, and the 33% cut in the bottom tax rate, nearly 8 million more people dropped off the federal income tax rolls entirely, paying zero federal income taxes.
FORBES: Why America Is Going To Miss The Bush Tax Cuts
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As a matter of equity and politics, there is little appeal in further increasing a tax whose burden falls most heavily on low-income workers, while the well off escape Socail Security taxes on a portion of their earnings and are having their income taxes cut.
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