April 17 (Bloomberg) -- President Barack Obama’s proposed 2015budget would increase taxes by $1.4 trillion over the next decadecompared with current law, the budget agency said.

In a fresh analysis of the White House budget plan for thefiscal year starting Oct. 1, the Congressional Budget Office saidthe proposal would result in a $446 billion spending increase forthe 10 years ending in 2024.

The agency projected that under the plan, the U.S. budgetdeficit would increase over a three-year period and then declinefrom 2017-2024, when compared with spending forecast under currentlaw. The deficit would rise about $1 trillion less over 10 yearsthan under current law, CBO projected. Spending would outstriprevenue by about $500 billion from 2014-2015 and rise to $700billion to $800 billion by 2024.

There’s little chance of Congress adopting Obama’s budget planthis year, as the U.S. House, Senate and Obama have already agreedto a deal on top-line spending for the next fiscal year. HouseRepublicans adopted their own plan that cuts spending further,eschews tax increases and attempts to balance the budget in 10years.

Obama’s proposed budget includes several measures Congress isconsidering separately, such as a revision of U.S. immigration lawsimilar to a bill the Senate passed last year.

That measure, S. 744, would increase the size of the legal laborforce, “boosting tax receipts and direct spending for federalbenefit programs.” It’s estimated to increase revenue by $456billion while increasing spending by $298 billion. House Republicanleaders have said they won’t take up the Senate immigrationbill.

Discretionary spending

Obama proposes spending increases of $433 billion over 10 yearsin the so-called discretionary portion of the budget, such aseducation, clean energy programs or public works. Discretionaryspending accounts for about 30 percent of the federal budget. Theremainder is for mandatory spending, such as Social Security,Medicare, Medicaid and interest on the n U.S. debt.

Among the largest tax changes in the president’s budget planwould be limits on deductions and exclusions for some high- incomefilers. Obama’s budget would limit the value of itemized deductionsand other tax breaks to 28 percent for the highest U.S. earners,raising $498 billion over 10 years.

Taxing estates exceeding $3.5 million at 45 percent and lifetimegifts exceeding $1 million would raise about $96 billion over 10years. A fee on U.S. financial institutions at 0.17 percent ofcovered liabilities, billed as a “financial crisis responsibilityfee,” would raise $48 billion.

Obama’s budget also proposes to raise the excise tax oncigarettes, currently $1.01 a pack, by 94 cents. It would raise $78billion over 10 years while CBO estimates health improvements fromreduced smoking would lower spending for health programs includingMedicare and Medicaid by about $2 billion.

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