1. Chart of the Day I (above). We can thank the top 1% of US taxpayers for paying almost as much in federal income taxes in 2013 (most recent year available) as the entire bottom 95% of taxpayers. By the numbers, the 1.38 million taxpayers in the top 1% earned 19% of total income in 2013 (about $1.7 trillion) and paid nearly 38% (about $465 billion) of the total federal income taxes paid (roughly $1.2 trillion). In contrast, the nearly 137 million taxpayers in the bottom 95% earned 65.6% of the total income (about $6 trillion) and paid 41.45% of total federal income taxes paid ($510 billion). Thanks to the “Top 1%” for paying what could be considered to be more than their “fair share” of federal income taxes paid in 2013!
2. Chart of the Day II (above). Based on annual law enforcement fatality data from the Officer Down Memorial Page back to 1870 and through today for 2015, and adjusting for the US population using data from Global Financial Data, this year (2015) is on track to be the second-safest year for US police officers in history (0.1112 gun-related police deaths per 1 million population), second only to a slightly safer year in 2013 (0.097 deaths per 1 million). Gun-related police deaths in the US per 1 million population were about 6 times higher in the 1970s (0.674 in 1971) and 14-17 times higher during America’s War on Alcohol (Prohibition), when it was as high as 1.55 per 1 million in 1921 (the first full year of the War on Beer).
3. Quotation of the Day, is from George Will’s recent column “American higher education is a house divided“:
Higher education is increasingly a house divided. In the sciences and even the humanities, actual scholars maintain the high standards of their noble calling. But in the humanities, especially, and elsewhere, faux scholars representing specious disciplines exploit academia as a jobs program for otherwise unemployable propagandists hostile to freedom of expression.
4. Crybully Virus, Oberlin College Edition: College Cafeteria Food Is Racially Inauthentic and Therefore Another Form of Micro-Aggression.
5. Who’d a-Thunk It? The expansion of financial aid (including federal student loans) and expansion of subsidies (federal and state grants) explain most of the rise in college tuition between 1987 and 2010? That’s the conclusion of a new NBER research paper “Accounting for the Rise in College Tuition,” summarized by Alex Tabarrok at Marginal Revolution.
6. Minimum Wage Update. Writing for the SF Federal Reserve Bank, economist David Neumark analyzes recently enacted state minimum wage laws above the federal minimum and concludes that “a reasonable estimate based on the evidence is that current minimum wages have directly reduced the number of jobs nationally by about 100,000 to 200,000.”
7. Shale Gale. The Barnett Shale formation in Texas contains 53 trillion cubic feet of natural gas, twice as much as previously estimated in 2003, according to a recent report from the U.S. Geological Survey.
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8. Photo of the Day (above). IBM’s first 5 MB hard drive in 1956 vs. today’s 128 GB flash drive that will fit on your key-chain.
9. 7 Price Comparison Websites You Should Bookmark Right Now, here’s the link.
10. Video of the Day (below). Meet the 26-Year-Old Hacker Who Built a Self-Driving Car… in His Garage. George Hotz, the first person to hack the iPhone, says he built a self-driving car in a month. How did he do it? Bloomberg’s Ashlee Vance went to Hotz’s home to find out… and took his retrofitted Acura for a test-drive.
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