Tax Cuts for America Act of 2011 - Amends the Internal Revenue Code to make permanent: (1) the tax credit for differential wage payments for employees who are active duty members of the uniformed services, (2) the tax deduction for charitable contributions of book inventories to public schools, (3) the tax deduction for certain expenses of elementary and secondary school teachers, (4) the tax deduction for qualified tuition and related expenses, and (5) the tax deduction for state and local sales taxes in lieu of state and local income taxes.
Amends the Housing and Economic Recovery Act of 2008 to make permanent the exclusion from income of military basic housing allowances for purposes of the low-income housing tax credit.
Makes permanent provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 relating to the tax exclusion for employer-provided educational assistance and the tax deduction for interest on student loans.