{"id":190328,"date":"2009-12-09T22:18:00","date_gmt":"2009-12-10T03:18:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/09\/i-really-want-to-live-in-the-uk\/"},"modified":"2009-12-09T22:18:00","modified_gmt":"2009-12-10T03:18:00","slug":"i-really-want-to-live-in-the-uk","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/12\/09\/i-really-want-to-live-in-the-uk\/","title":{"rendered":"I Really Want to Live in the UK"},"content":{"rendered":"

Well, we now have the details on Alistair Darling’s proposal to tax bonuses in the UK, and it looks very good<\/a>: It’s a 50% tax on all bonuses in the banking industry in excess of \u00a325,000.00 ($40,700).<\/p>\n

What is interesting is that this is not a tax on income, but a tax on the bonus reserves themselves, so it avoids the human rights:<\/p>\n

Instead of legislating for a levy on individual bankers, the Treasury has focused on the simpler and potentially legally safer route of taxing the bonus pool used by banks for staff compensation.<\/p><\/blockquote>\n

The recipient of such a bonus would still have to pay personal income tax, so, if he would normally have received a bonus of \u00a3100K, he would get a bonus of \u00a350K, and that would be subject to taxation by Her Majesty’s Revenue and Customs. (see also here<\/a>)<\/p>\n

It disincentivizes the huge bonus awards, and it fills a significant hole in the UK budget, raising \u00a3550 million this year, and \u00a33 billion in the future.<\/p>\n

In any case, Bloomberg decided to waste a reporter’s day by making him write a story about how it probably won’t happen in the United States<\/a>.<\/p>\n

Well, duh, banks here are largely succeeding in gutting financial reform here.<\/p>\n

Make them pay their fair share of taxes? Fuggedaboudit!<\/p>\n","protected":false},"excerpt":{"rendered":"

Well, we now have the details on Alistair Darling’s proposal to tax bonuses in the UK, and it looks very good: It’s a 50% tax on all bonuses in the banking industry in excess of \u00a325,000.00 ($40,700). What is interesting is that this is not a tax on income, but a tax on the bonus …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1038,984,1004,985,983],"tags":[],"class_list":["post-190328","post","type-post","status-publish","format-standard","hentry","category-budget","category-europe","category-finance","category-regulation","category-taxes"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190328"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190328"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190328\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190328"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190328"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190328"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}