Panama papers: China censors online discussion

[Anonymous]

I knew the Trudeau's plan to raise taxes on people making over $200 k would not produce the revenue he said it would during the election. The Liberals knew it too.

[RW]

How do rich people get rich?  All by themselves?

[Anonymous]

How do rich people get rich?  All by themselves?

In PK's case, God given talent plus practice, practice, practice. That's his formula for success.

[Anonymous]

I knew the Trudeau's plan to raise taxes on people making over $200 k would not produce the revenue he said it would during the election. The Liberals knew it too.

And now it joins a lengthy list of broken campaign promises.

[ELPHUPPHY]

Or Daddy's money when he pffffffts. Any really rich person made their money off someone else's labor and sweat.



Name one possible instance where that did not happen?

[Anonymous]

Or Daddy's money when he pffffffts. Any really rich person made their money off someone else's labor and sweat.



Name one possible instance where that did not happen?

I thought I just did.

[Anonymous]

Bar Stool Economics Show Why A Progressive Tax System Is Wrong



BAR STOOL ECONOMICS



Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:



The first four men (the poorest) would pay nothing.



The fifth would pay $1.



The sixth would pay $3.



The seventh would pay $7.



The eighth would pay $12.



The ninth would pay $18.



he tenth man (the richest) would pay $59.



So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball.   'Since you are all such good customers,' he said, 'I'm going to reduce the cost of your daily beers by $20. Drinks for the ten now cost just $80.'



The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his 'fair share?'



They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.



With the new system:



The fifth man, like the first four, now paid nothing (100% savings).



The sixth now paid $2 instead of $3 (33%savings).



The seventh now pay $5 instead of $7 (28%savings).



The eighth now paid $9 instead of $12 (25% savings).



The ninth now paid $14 instead of $18 (22% savings).



The tenth now paid $49 instead of $59 (16% savings).



Each of the six was better off than before and the first four continued to drink for free, but once outside the restaurant, the men began to compare their savings. "I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man, "but he got $10!"



"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got TEN times more than I!" "That's true!" shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"



The nine men surrounded the tenth and beat him up. The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something very important.  They didn't have enough money between all of them for even half of the bill!



The people who pay the highest taxes get the most benefit from a tax reduction.  This is called, "No shit Sherlock".  Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.



For those who understand, no explanation is needed.



For those who do not understand, no explanation is possible!

http://www.financialsamurai.com/bar-stool-economics-show-why-a-progressive-tax-is-wrong/">http://www.financialsamurai.com/bar-sto ... -is-wrong/">http://www.financialsamurai.com/bar-stool-economics-show-why-a-progressive-tax-is-wrong/

[Anonymous]

Bar Stool Economics Show Why A Progressive Tax System Is Wrong



BAR STOOL ECONOMICS



Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:



The first four men (the poorest) would pay nothing.



The fifth would pay $1.



The sixth would pay $3.



The seventh would pay $7.



The eighth would pay $12.



The ninth would pay $18.



he tenth man (the richest) would pay $59.



So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball.   'Since you are all such good customers,' he said, 'I'm going to reduce the cost of your daily beers by $20. Drinks for the ten now cost just $80.'



The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his 'fair share?'



They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.



With the new system:



The fifth man, like the first four, now paid nothing (100% savings).



The sixth now paid $2 instead of $3 (33%savings).



The seventh now pay $5 instead of $7 (28%savings).



The eighth now paid $9 instead of $12 (25% savings).



The ninth now paid $14 instead of $18 (22% savings).



The tenth now paid $49 instead of $59 (16% savings).



Each of the six was better off than before and the first four continued to drink for free, but once outside the restaurant, the men began to compare their savings. "I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man, "but he got $10!"



"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got TEN times more than I!" "That's true!" shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"



The nine men surrounded the tenth and beat him up. The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something very important.  They didn't have enough money between all of them for even half of the bill!



The people who pay the highest taxes get the most benefit from a tax reduction.  This is called, "No shit Sherlock".  Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.



For those who understand, no explanation is needed.



For those who do not understand, no explanation is possible!

http://www.financialsamurai.com/bar-stool-economics-show-why-a-progressive-tax-is-wrong/">http://www.financialsamurai.com/bar-sto ... -is-wrong/">http://www.financialsamurai.com/bar-stool-economics-show-why-a-progressive-tax-is-wrong/

Right on brother. How many people do we have to send to pubs overseas before we get it through our thick skulls. I guess no explanation is possible.

[RW]

Bar Stool Economics Show Why A Progressive Tax System Is Wrong



BAR STOOL ECONOMICS



Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:



The first four men (the poorest) would pay nothing.



The fifth would pay $1.



The sixth would pay $3.



The seventh would pay $7.



The eighth would pay $12.



The ninth would pay $18.



he tenth man (the richest) would pay $59.



So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball.   'Since you are all such good customers,' he said, 'I'm going to reduce the cost of your daily beers by $20. Drinks for the ten now cost just $80.'



The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his 'fair share?'



They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.



With the new system:



The fifth man, like the first four, now paid nothing (100% savings).



The sixth now paid $2 instead of $3 (33%savings).



The seventh now pay $5 instead of $7 (28%savings).



The eighth now paid $9 instead of $12 (25% savings).



The ninth now paid $14 instead of $18 (22% savings).



The tenth now paid $49 instead of $59 (16% savings).



Each of the six was better off than before and the first four continued to drink for free, but once outside the restaurant, the men began to compare their savings. "I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man, "but he got $10!"



"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got TEN times more than I!" "That's true!" shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"



The nine men surrounded the tenth and beat him up. The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something very important.  They didn't have enough money between all of them for even half of the bill!



The people who pay the highest taxes get the most benefit from a tax reduction.  This is called, "No shit Sherlock".  Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.



For those who understand, no explanation is needed.



For those who do not understand, no explanation is possible!

http://www.financialsamurai.com/bar-stool-economics-show-why-a-progressive-tax-is-wrong/">http://www.financialsamurai.com/bar-sto ... -is-wrong/">http://www.financialsamurai.com/bar-stool-economics-show-why-a-progressive-tax-is-wrong/

I've been out with many people who have money.  The richest guy ends up picking up the whole tab.

[Anonymous]

Bar Stool Economics Show Why A Progressive Tax System Is Wrong



BAR STOOL ECONOMICS



Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:



The first four men (the poorest) would pay nothing.



The fifth would pay $1.



The sixth would pay $3.



The seventh would pay $7.



The eighth would pay $12.



The ninth would pay $18.



he tenth man (the richest) would pay $59.



So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball.   'Since you are all such good customers,' he said, 'I'm going to reduce the cost of your daily beers by $20. Drinks for the ten now cost just $80.'



The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men – the paying customers? How could they divide the $20 windfall so that everyone would get his 'fair share?'



They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.



With the new system:



The fifth man, like the first four, now paid nothing (100% savings).



The sixth now paid $2 instead of $3 (33%savings).



The seventh now pay $5 instead of $7 (28%savings).



The eighth now paid $9 instead of $12 (25% savings).



The ninth now paid $14 instead of $18 (22% savings).



The tenth now paid $49 instead of $59 (16% savings).



Each of the six was better off than before and the first four continued to drink for free, but once outside the restaurant, the men began to compare their savings. "I only got a dollar out of the $20," declared the sixth man. He pointed to the tenth man, "but he got $10!"



"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too. It's unfair that he got TEN times more than I!" "That's true!" shouted the seventh man. "Why should he get $10 back when I got only two? The wealthy get all the breaks!" "Wait a minute," yelled the first four men in unison. "We didn't get anything at all. The system exploits the poor!"



The nine men surrounded the tenth and beat him up. The next night the tenth man didn't show up for drinks, so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something very important.  They didn't have enough money between all of them for even half of the bill!



The people who pay the highest taxes get the most benefit from a tax reduction.  This is called, "No shit Sherlock".  Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.



For those who understand, no explanation is needed.



For those who do not understand, no explanation is possible!

http://www.financialsamurai.com/bar-stool-economics-show-why-a-progressive-tax-is-wrong/">http://www.financialsamurai.com/bar-sto ... -is-wrong/">http://www.financialsamurai.com/bar-stool-economics-show-why-a-progressive-tax-is-wrong/

I've been out with many people who have money.  The richest guy ends up picking up the whole tab.

Everyday?

[RW]

How do rich people get rich?  All by themselves?

In PK's case, God given talent plus practice, practice, practice. That's his formula for success.

And someone put together a team and built a stadium for him to play in. People go to games to see his talent and pay money for tickets and use public transportation systems to get there.  God given talent for sports doesn't get you millions on its own.

[RW]

Or Daddy's money when he pffffffts. Any really rich person made their money off someone else's labor and sweat.



Name one possible instance where that did not happen?

I thought I just did.

You didn't :)

[ELPHUPPHY]

Or Daddy's money when he pffffffts. Any really rich person made their money off someone else's labor and sweat.



Name one possible instance where that did not happen?

I thought I just did.

Not sure who PK is, but God-given talents don't make you rich. You still need a lot of help from the less fortunate, whether you are a businessman or an athlete.

[RW]

I have NEVER in my life paid a dime when eating or dining with a millionaire.

[ELPHUPPHY]

I have NEVER in my life paid a dime when eating or dining with a millionaire.

I know a few very rich captains of industry, as it were. They invariably pick up the tab when dining or drinking. I think they do it because they feel bad that I make such a pittance compared to them.