2. Tax increases without cuts

The budget plan is projected to reduce the deficit by $1.8 billion over ten years — with almost $600 billion of that coming in the form of tax hikes and the rest coming from cuts. Republicans argue that the sequester already accounts for $1.2 billion in cuts, so Obama’s proposal simply includes new taxes and no new cuts.

3. Buffett rule

The budget would implement the Buffett rule, named for billionaire Warren Buffett. This would require households making $1 million or more to pay at least 30 percent of their incomes in taxes.

4. Cigarette tax to fund universal preschool

The 2014 budget will put a 94-cent tax increase on cigarettes in order to pay for Obama’s universal preschool for four-year-olds, something Obama promised in his State of the Union address. The federal cigarette tax already stands at $1.01 per pack, up from $0.39 when Obama first took office.

5. Social Security growth reduction

Obama’s plan will switch from Standard and Poor’s 500 to Chained Consumer Price Index, which will reduce the growth of Social Security costs. This move has angered his Democratic supporters who are outraged that the move would target the most vulnerable in society. But the switch would save the government $230 billion.

6. Minimum wage increase

Obama wants to increase the minimum wage from $7.25 an hour to $9 an hour — not as high as the $10 an hour House Minority Leader Nancy Pelosi proposed — even though an increase would reduce the quantity of entry-level jobs and hurt workers and businesses both.

7. Repeal of sequester cuts

President Obama’s budget would replace the sequestration with more targeted cuts, promising to slash spending by $25 billion in 2014.

8. Not balanced

No matter how one slices it — and unlike Rep. Paul Ryan’s (R.-Wisc.) budget — President Obama’s fiscal 2014 budget won’t balance.