From Greg Mankiw's blog

Thursday, July 30, 2009 |

Greg Mankiw's blog posts from today are really good. One contains facts and the other is pretty funny. Both are actually simply referring to another articles elsewhere.

Mankiw posted excerpt from The Tax Foundation article titled Tax Burden of Top 1% Now Exceeds That of Bottom 95%. The article shows that based on IRS data in 2007, top 1% of taxpayers paid slightly more than 40% of total income taxes collected by federal governments. To be more exact, 40.4%!!! For even more comparison, in 1987, the top 1% paid 28.4% of total income tax collected by federal governments. And there are talks from the capitol of additional taxes on the rich to pay for healthcare???? Let me clarify this, I am not rich. I don't even make six digit income. I am middle class citizen, but I don't think it is fair to tax the rich even more. Read the article from The Tax Foundation for more detail.

This is a very funny video from "The Daily Show with Jon Stewart". Enjoy it.

Note: I will continue with my 529 research soon.


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