The plan, estimated to raise $498 billion over a decade, would hit mostly individuals who make more than $200,000 and married couples who bring in more than $250,000.
Immigration reform: The president called for comprehensive immigration reform, a proposal broadly similar to a bill the Senate passed last year. CBO estimated that legislation would raise $456 billion in new revenue and raise spending by $298 billion.
The rise in legal immigrants and the U.S. population overall would increase spending on refundable tax credits, Medicaid and health insurance subsidies, among other federal benefits. And it would increase spending for the implementation and enforcement of the bill's provisions.
But it would also create even more tax revenue by way of income and payroll taxes, the agency had noted.
Less overseasmilitary funding: The president wants to spend $659 billion less on overseas contingency operations, such as those in Afghanistan, than would occur under current policies.
Raise other spending caps: Obama would eliminate automatic spending reductions scheduled to take place between 2016 and 2021, and raise spending caps through 2021 for most discretionary programs. But he would also keep those caps in place through 2024.
On net, these proposals would increase spending by $433 billion (or 4%) over the next decade.