President Obama's 43-point State of the Union speech and second term agenda laid out to Congress on Tuesday will cost taxpayers nearly $40 billion more annually if fully implemented with over half -- $20.2 billion -- just to reform immigration, according to the National Taxpayers Union Foundation.

The foundation, which annually tabulates the cost of programs presidents propose in their speeches, set this year's annualized price at $39.995 billion. The bulk would pay for the immigration and amnesty, followed by $12.8 billion to restore unemployment insurance and $3.5 billion to fund a pre-K request.

When totalled, the president’s wish list will cost over $350 per household.

Other highlights from the study provided to Secrets include: An estimated $547 million annually for his community college plan; $414 million annually to expand the Earned Income Tax Credit; and $274 million annually putting people to work building fueling stations.

But while the speech was long and the proposals listed even longer, NTUF found only one proposal to cut spending, a request to protect taxpayers from bailing out housing, which could save $103 million.

Demian Brady, the NTUF director of research who produced the new study, said, “Despite boasting early on about deficits being ‘cut by more than half,’ the president advocated for an agenda that would start increasing them again.”

At nearly $40 billion, Obama’s spending plan isn’t his highest ever. In 2010 he proposed programs that would have cost $70 billion and last year he sought $83 billion, though most of that was in his failed “cap and trade” energy and environmental plan, said NTUF.

The group added that the king of State of the Union spendthrifts was former President Bill Clinton, who in 1999 trotted out $327 billion in programs.

Paul Bedard, the Washington Examiner's "Washington Secrets" columnist, can be contacted at