Capitalism and Poker make for a good discussion as much as the Mayans and 2012. Specifically, tournament take-out percentages. While the 2011 WSOP scale, see below, looks like the wealthy get a bigger break, that’s not exactly true.
How many players only play the 50K event? How many players spend 50K on other events? How many minimum wage workers win a buy-in? Nonetheless, in each event, all players are treated equal in that they pay the same rate which is based on what they spend and not on what they earn. There are no loop holes or hidden costs but always third variables to consider.
According to the FairTax website:
“The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn.”
Basically this means…Mr. Wealthy would pay the same percent for a Rolls Royce as John Doe would pay for his Ford. More importantly, Doe and Mr. Wealthy wouldn’t be allowed to write off those items. It will be interesting to see if Mr. Wealthy buys a new fleet of jets this year to reduce net gains. It also means other things which you can read about in the link below.