When people refer to President Obama's tax cuts, they generally refer to the $858 billion tax cut deal signed in 2010. It extended the Bush tax cuts through 2012 and unemployment benefits through 2011. It cut payroll taxes by 2 percentage points, adding $112 billion to workers' spendable income. It extended a college tuition tax credit. It also included $58 billion in industry-specific tax cuts.

Obama’s deal revived the inheritance tax that had been eliminated in 2010, but had been set to return to higher level. It applied a 35% tax rate to estates worth over $5 million for individuals.﻿﻿

But Obama also cut taxes in 2009 and 2013. In 2009, $288 billion were cut as part of the American Recovery and Reinvestment Act.﻿﻿ In 2013, Obama approved the permanent extension of the Bush tax cuts for those below a certain income level. This was part of the fiscal cliff package.﻿﻿