Specifically, the President would make permanent the expanded American Opportunity and Earned Income credits and extend through 2016 the current exclusion from taxable income for cancellation of indebtedness recognized on a primary residence.

FORBES: Tax Aspects Of The President's FY 2014 Budget

The problem is ultimately traceable back to the tax subsidy--the exclusion of the value of health coverage from taxable income for both payroll and income taxes.

FORBES: Clark C. Havighurst

But in reality, targets would almost certainly include popular preferences such as deductions for mortgage interest, state and local taxes, and charitable gifts as well as the exclusion of employer-sponsored health insurance from taxable income.

FORBES: Taxes and Paul Ryan's Budget: What's Clear, And What Isn't