Lessons learned in his first 80 years by Byron Wien of Blackstone

Thoroughly enjoyed reflecting upon how true so many of these insights are.
Great reading for all young and old people !

Enjoy reading…

Blackstone’s Byron Wien Discusses Lessons Learned in His First 80 Years

Taxation Systems

I found this very easy to understand analysis of the taxation, explained through a group buying beer!
Enjoy the reading… !

THE TAX SYSTEM EXPLAINED IN BEER…

Suppose that once a week, 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…
And the tenth man (the richest) would pay £59…
So, that’s what they decided to do…

The ten men drank in the bar every week and seemed quite happy with the arrangement until, one day, the owner caused them a little problem. “Since you are all such good customers,” he said, “I’m going to reduce the cost of your weekly beer by £20.” Drinks for the ten men would now cost just £80. 
 


Read the rest of this entry »