Heavens no! It's "populist, punitive and penal" so call out the legal teams and lobbyists. Oh please. Where were the screams about unfair special tax breaks when this system was being constructed in the first place? You know, the one where the gamblers pay a fraction of the tax rates as others. Where were the cries of unfair bailouts by the bankers when they crushed the economy yet somehow landed on their feet to pay themselves bonuses on par with just before the crash? It would be nice to see someone stand up to this bunch of bullies, for once.
Even this "supertax" that is being discussed is only for one year. As in twelve months. The strong reaction to mild change again provides us with an opportunity to see how selfish the bankers are. It's always all about them and to hell with the rest. Reading about this reminds me of a good friend who ran a hedge fund until the bubble burst. He had to shut down the fund and close his business. Today he's working as a trader for a large firm, so yes, a step down in many ways. It's no longer his own business and indeed, he's making much less money. But guess what? It's a job that pays the bills and he's damned happy to have it.
Listening to this banker outrage (including the clowns at AIG who want to leave) is similar to listening to the the other right wing loons who go crazy anytime change is suggested. It's completely manufactured outrage, so don't believe them for a second. Lying is simply what they do.
The chancellor intends his targeted, one-off levy as a clear message that the City has to "start living in the real world" as the financial sector prepares to lavish hefty payouts on its staff.
The new super-tax rate will be aimed at any bonus above a fixed rate, rather than the basic salary of the employee. It is intended to hit many thousands of bankers, but low-paid staff in bank branches will be exempt.
The tax will be set higher than the 50% income tax rate coming in from April for those earning more than £150,000 a year, sources indicate.
