Who's The Fat Cat Now?
For over a decade left wing politicians have ad used the phrase "tax cuts for the rich" ad nauseam. The so called Bush cuts were enacted in 2001 and 2003 lowering rates for all. The top rate of 39.6% was reduced to 35%. The 36% rate to 33% , the 31% to 28% and the 28% to 25%. A new 10% rate was created while no changes to the 15%. Those with an agenda have only focused on the reduction in the top rate while ignoring the others. President Obama has weighed in from time to time with barbs towards the Wall Street "fat cats" corporations who don't need tax breaks. Well it turns out the "fat cat" might be you. According to a USA TODAY analysis 90% of federal tax breaks go to individual taxpayers. Since the government started accounting for tax preferences in 1974, the value of tax breaks for individuals has increased seven times faster than that of corporations. Currently that amount is nearly $1.2 trillion a year according to the Feds. Since the Obam...