British bankers are going bonkers today after the UK government announced that it wouldn’t stand idly by as they showered themselves with obscene bonuses made possible by last year’s massive infusion of government money.
Alistair Darling, the U.K.’s Chancellor of the Exchequer — sort of like a Treasury Secretary, but with more pluck — announced today that he will impose an immediate, one-time 50-percent tax on bonuses of more than 25,000 pounds (about $40,800). That’s on top of regular income taxes.
The New York Times calls it "the most direct attack on bonuses anywhere in the world."
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