Panama papers: China censors online discussion

[Anonymous]

The personal income tax, a dominant source of revenue among Western countries, is of relatively minor importance in Korea.  Taxes on consumption are by far the dominant source of revenue, although their share has been on a declining trend.  More than half of consumption tax revenues come from the VAT with the rest contributed by a variety of excise taxes. Korea's economic decline has coincided with more reliance on corporate and income taxes vs the traditional consumption and excise taxes.

That is a way better way to generate revenue than taxing income as long as the full amount of the VAT is not applied to basic groceries, rent/mortgages, utilities, and baby products.

[Anonymous]

It's not just Taiwan, that's everywhere. Higher taxes are usually combined with more spending and produce less revenue and future tax increases for everyone to cover the increased debt. My kid brother lives in Portugal. Right next door in Spain sky high taxes have driven a sick economy's best and brightest along with their capital to other countries in Europe furthering that country's decline. Hell, it's happening in parts of Canada too.



A buddy of mine is the sole proprietor of a sucker truck and water hauling business in Brooks. He is using both types of trucks for mostly none oilfield related work right now. He said he will not pay the combined federal and provincial 20% increase in taxes so Trudeau can buy off corrupt Indian chiefs and Notley can buy the approval of provincial labor union bosses. He will deliberately work less this year. The result is  less work for contracted drivers and less revenue for Alberta and Canada. This comes back to the op point of how government greed has a negative impact on the everyone, poor, middle and rich.

Raising taxes doesn't produce the results it claims to anywhere, but that's not why governments do it. It gets the vote of ideological whites. I'm talking about the occutard Sanders supporters. They don't give a flying fuck if it works or not, it's the idea that appeals to them. Free stuff by sticking to the man.



As I'm sure you know from ur wife, East Asians are generally a pragmatic lot. We want practical things that actually work not idealism that doesn't.

[Anonymous]

The personal income tax, a dominant source of revenue among Western countries, is of relatively minor importance in Korea.  Taxes on consumption are by far the dominant source of revenue, although their share has been on a declining trend.  More than half of consumption tax revenues come from the VAT with the rest contributed by a variety of excise taxes. Korea's economic decline has coincided with more reliance on corporate and income taxes vs the traditional consumption and excise taxes.

The only thing dumber than income taxes is raising them. We see that with examples from Edmonton, Winnipeg, Fredericton, Ottawa, Taipei, Paris and Madrid. Since we have to have some form of revenue earner, consumption taxes are the way to go. The are the best of the worst by a country mile. I hope East Asian economies don't lose sight of what has worked for them. Copying the West's mistakes with Robin Hood taxes is no solution to their demographic problems.

[RW]

So what is the solution?

[Anonymous]

The personal income tax, a dominant source of revenue among Western countries, is of relatively minor importance in Korea.  Taxes on consumption are by far the dominant source of revenue, although their share has been on a declining trend.  More than half of consumption tax revenues come from the VAT with the rest contributed by a variety of excise taxes. Korea's economic decline has coincided with more reliance on corporate and income taxes vs the traditional consumption and excise taxes.

The only thing dumber than income taxes is raising them. We see that with examples from Edmonton, Winnipeg, Fredericton, Ottawa, Taipei, Paris and Madrid. Since we have to have some form of revenue earner, consumption taxes are the way to go. The are the best of the worst by a country mile. I hope East Asian economies don't lose sight of what has worked for them. Copying the West's mistakes with Robin Hood taxes is no solution to their demographic problems.

We've had 17 years of the same party promising us that rich people can pay for all their excess spending. Wealth taxes didn't work so everyone is now paying for the 800 million dollar deficit. This on top of the transfer payments this province gets.

[Anonymous]

Thanks Fash for merging the two threads. I wanted to point out Hanauer's plutocrats and pitchforks speech contained the Walmart and Costco wage gap analogy. They are apples and oranges and there is no comparison. Costco has sales of $51 billion, 110,000 employees (45% part time, similar to WalMart) and WalMart has sales (in North America) of $191 billion and 1.3 million associates. So Costco has sales of some $465,000 per employee and WalMart $147,000 per employee. An associate at Walmart is responsible for about 600 square feet while an associate at Costco has about 950 per square feet. Mr. Hanauer himself relies on cheap, low productivity employees himself, so I don't understand who he thinks he's fooling.

[Anonymous]

Two threads about the same thing..



I noticed someone had posted a link to a Nick Hanauer speech..



Not that long ago, I read an article about him..



He promotes raising the American minimum wage nationally to $15 an hour, but pays his own workers less than half that..



Nothing against Peaches, but I am tired of rich hypocrites like him who are politically connected, preach one thing and do the opposite..



It is as hypocritical as Leonardo DiCaprio calling us greedy for using fossil fuels to make our lives better while he rents gigantic yachts, has several homes and uses private aircraft all the time.

 

You may not have noticed that I posted the link to his piece by way of attributing the "pitchforks and torches" language I had used in a prior post which was only about my own opinion (the thing people keep saying I don't have.)



I did not post Hanauer's article as an endorsement of it.  I can't honestly say that I fully endorse every thought in every source I cite.  I mostly cite sources to establish what I assert as fact.  In the instance where I cited the link, I only said that I found the article interesting and worth a read.  Anyone wishing to impugn my character for having done so can kiss my entire ass.



As to the TED flap, it should in fairness be noted that Chris Anderson, TED curator, took a lot of heat for not curating that article.  In fact, he subsequently in 2014 DID curate a longer talk by Hanauer on a similar theme.  



Neither Hanauer nor I can help it if his thoughts on income inequality are unnerving to some readers.  That does not make his thoughts wrong, any more than his business practices do.  It might make him hypocritical, but that is a word being thrown around A LOT these days and there is a good deal of unintended irony in the throwing of it.

[Anonymous]

Two threads about the same thing..



I noticed someone had posted a link to a Nick Hanauer speech..



Not that long ago, I read an article about him..



He promotes raising the American minimum wage nationally to $15 an hour, but pays his own workers less than half that..



Nothing against Peaches, but I am tired of rich hypocrites like him who are politically connected, preach one thing and do the opposite..



It is as hypocritical as Leonardo DiCaprio calling us greedy for using fossil fuels to make our lives better while he rents gigantic yachts, has several homes and uses private aircraft all the time.

 

You may not have noticed that I posted the link to his piece by way of attributing the "pitchforks and torches" language I had used in a prior post which was only about my own opinion (the thing people keep saying I don't have.)



I did not post Hanauer's article as an endorsement of it.  I can't honestly say that I fully endorse every thought in every source I cite.  I mostly cite sources to establish what I assert as fact.  In the instance where I cited the link, I only said that I found the article interesting and worth a read.  Anyone wishing to impugn my character for having done so can kiss my entire ass.



As to the TED flap, it should in fairness be noted that Chris Anderson, TED curator, took a lot of heat for not curating that article.  In fact, he subsequently in 2014 DID curate a longer talk by Hanauer on a similar theme.  



Neither Hanauer nor I can help it if his thoughts on income inequality are unnerving to some readers.  That does not make his thoughts wrong, any more than his business practices do.  It might make him hypocritical, but that is a word being thrown around A LOT these days and there is a good deal of unintended irony in the throwing of it.

Peaches grow up or get lost.



Seoul is a wonderful guy who has been around a long time..



If there's an issue between the two of you, I know who is at fault.

[Anonymous]

Neither Hanauer nor I can help it if his thoughts on income inequality are unnerving to some readers.  That does not make his thoughts wrong, any more than his business practices do.

If Hanauer was serious about income inequality, he would shed his billions of dollars and give the money directly to his employees. Drain his bank accounts and give the proceeds to the spend-happy middle class. If consumer demand truly grows the economy, then the profits will come roaring back. There will be no time gap between having to adjust capital investment to make sure goods reach store shelves. There will be no inability to purchase raw materials or pay employees while waiting for the finished product to hit the market. He does not even pay his employees half the minimum wage he wants everyone else to.

[Anonymous]

Peaches grow up or get lost.



Seoul is a wonderful guy who has been around a long time..



If there's an issue between the two of you, I know who is at fault.

As you wish.

[Anonymous]

Peaches grow up or get lost.



Seoul is a wonderful guy who has been around a long time..



If there's an issue between the two of you, I know who is at fault.

As you wish.

 :001_rolleyes:

[RW]

Unbelievable.

[Anonymous]

I believe it.

[RW]

I believe you're a lippy little douchebag and Fash just validated your assholery.

[Anonymous]

I believe you're a lippy little douchebag and Fash just validated your assholery.

That's fine and good, but the same could be said about you and Peaches.