British Bank Bonus Tax

British banks will not be happy about this!!

As the UK was also affected by the Economic Depression of last year which lasted well into this year, it is not surprisingly that a new British Bank Bonus Tax is soon to be imposed on British banks. After having doled out 1.3 Trillion dollars, the British government has decided that they would like it back. The Secretary of the Treasury announced the new bank tax on persons receiving bonuses more than 40000$ as a result.

And it would seem European leaders agree with stopping fat bonuses being sent out to bailed-out bankers.

British Prime Minister Gordon Brown says, “the debate in the international community will move forward, a one-off tax in relation to bonuses should be considered a priority.”

The British PM, French President Nicolas Sarkozy, German Chancellor Angela Merkel and Luxembourg Premier Jean-Claude Juncker along with most EU nations were in favour of some kind of tax limit for bank bonuses.

Banks have responded threatening to go elsewhere, like Singapore where income is only taxed at a mere 15%!!

If the financial meltdown resulted in taxpayer-funded bailouts in cases and it was the banks who put everyone at risk, we think that the tax should be enforced, especially if it is only for a while.

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