Launch the Calculator – Click Here Here are some highlights from the tax cuts and extensions that President Obama got you last year:
- Payroll Tax Cut. President Obama’s tax cut included a 2% payroll tax cut — which amounts to $1,000 for a typical family earning $50,000 a year.
- Child Tax Credit. President Obama cut taxes for 11.8 million families with children.
- Earned Income Tax Credit. President Obama expanded the Earned Income Tax Credit for married couples and families with three or more children. This will help 5.8 million working families and 12.5 million children in 2011.
- American Opportunity Tax Credit. President Obama extended a tax credit of up to $2,500 per student per year (up to four years) to help pay for tuition and other college expenses.