- The 2001 and 2003 tax cuts for individuals earning more than $200,000 and couples earning more than $250,000 would be canceled.
- The estate tax would remain at its 2009 level, which applies a 45 percent tax rate on estates of more than $3.5 million for individuals and $7 million for couples.
- Discretionary spending, which excludes interest and entitlements like Social Security and Medicare, would remain at the 2009 level of $1.012 trillion, adjusted for inflation.
“They obviously need to do much more than draw down troops in Iraq and eliminate the Bush upper-income tax cuts,” said Paul Van de Water, a senior fellow at the Center on Budget and Policy Priorities. “Getting to a deficit if $533 billion by 2013 will be a major challenge.”