In 1888, in Chicago a bridge was built to connect two parts of the city. A toll was charged but officials wanted it to be a "progressive" tax. Rich people will pay more to cross. So how could they identify the rich and poor quickly?
They had an idea, rich people wear shoes (it's 1888 remember), so they decided to charge a tax based on that. If you cross the bridge wearing shoes you pay a tax, but if you are barefoot, you cross for free.
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| Lessons At Chicago Bridge! |
Simple
Easy
Difficult to avoid
Brilliant.
But it failed.
Why?
The rich simply took off their shoes and crossed the bridge (Tax Avoidance).
The poor?
They did not want to be seen as poor, so they would wear shoes or borrow shoes to cross the bridge.
This is a true story. So what are the lessons?
1. Poverty is loud, literally.
2. Poverty is in the mind, but a verb
4. The rich stay rich by not spending. The poor stay poor by spending
5. Humans are irrational
6. The rich always get better financial advice
7. Taxing the rich to help the poor is cute but complicated.
Are you "borrowing shoes" to cross any "bridge?" If you are, please stop.
2022 lesson. Good day!
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