Defiantone.com

I read an interesting post at Freakonomics where they discussed who was paying a higher percentage of total income in taxes - the super rich or those who aren’t as fortunate. It appears, through a straw poll of sorts, that the top 10% of wage earners who are said to earn 50% of the total income pay less than their receptionists. Warren Buffett has actually posted a challenge with a prize of 1 million bucks (chump change for him I’m sure) to all of the people on the Forbes top 400 list to find someone whose receptionist pays a lower percentage of income in taxes - so far - there have been no challengers.

Read on!

I found another interesting article on high gas prices written by a PhD candidate in Economics saying that gas prices are right where they should be. The falling dollar surely doesn’t help but he may be right - then again - I don’t trust much of anything found on the internet without seeing raw figures. Here’s an excerpt

But taxes have not stayed the same. The tax per gallon of gas in 1950 was roughly 1.5% of the price. Today, federal, state, and local taxes account for approximately 20% of gas’s posted price. Taking inflation and the increase in taxes into account (assuming no change in supply or demand) the same gallon of gas that cost 30 cents in 1950 should today cost about $3.13.

Read the rest here