Specifically, the President would make permanent the expanded American Opportunity and EarnedIncomecredits and extend through 2016 the current exclusion from taxable income for cancellation of indebtedness recognized on a primary residence.
Obama-Era Tax Cuts: on January 1, 2013, several provisions that benefit the lower classes most notably the increased child tax and earnedincomecredits and the expanded education credits are slated to expire.