90% Tax on BANKERS!

[Mega]

http://news.bbc.co.uk/1/hi/business/8411749.stm
Mike

[lurker]

Re: 90% Tax on BANKERS!

Perhaps we need 2 rates of income tax. One rate for earned income and a higher rate for "paid but definitely not in any way earned" income.

[aaron]

Re: 90% Tax on BANKERS!

This is actually great for NY first London then Athens lots of talent about to be sucked into NYC.

LOL "talent"

[WildspitzE]

Re: 90% Tax on BANKERS!

This is actually great for NY first London then Athens lots of talent about to be sucked into NYC.

NFW, Switzerland will be the big winner. If I were one of them I would avoid the US like the plague.

[lurker]

Re: 90% Tax on BANKERS!

NFW, Switzerland will be the big winner. If I were one of them I would avoid the US like the plague.

I hope so. At this point I don't think we can survive any more "talent" on Wall St.

[hayekvindicated]

Re: 90% Tax on BANKERS!

London is finished as a centre of finance. Its hard to make a bullish case for London under ANY scenario.

[iyamwutiam]

Re: 90% Tax on BANKERS!

I hope so. At this point I don't think we can survive any more "talent" on Wall St.

+1 -what talent- you mean a bunch of overpaid , self re-enforcing herd mentality individuals who would have moral flexibility not seen since the inquisition

[reallife]

Re: 90% Tax on BANKERS!

I don't think they will go to Switzerland. The British would be more comfortable in NY. They already vacation here and the common language will go along way to making it their first choice. The Greeks will come as well to NY before Switzerland as there is a very large Greek population already with orthodox churches, restaurants, cafe's and supermarkets in areas such as Astoria it is more common to here greek spoken then english at a cafe. I think they will go to where they are most comfortable and can assimilate quicker and that is in NY.

Maybe the London 'talent' will displace the Third World taxi drivers in NYC. Surely, they wouldn't be expecting work in the FIRE arena. :rolleyes:

[WildspitzE]

Re: 90% Tax on BANKERS!

I don't think they will go to Switzerland. The British would be more comfortable in NY. They already vacation here and the common language will go along way to making it their first choice. The Greeks will come as well to NY before Switzerland as there is a very large Greek population already with orthodox churches, restaurants, cafe's and supermarkets in areas such as Astoria it is more common to here greek spoken then english at a cafe. I think they will go to where they are most comfortable and can assimilate quicker and that is in NY.

LOL. OK. They also vacation in switzerland. They also speak english in Switzerland.

Every hedge fund manager from London that I've talked to over the last 6 mo has been researching Switzerland (as their number one choice). Follow the funds, that's where the "talent" will go. Greek banking "talent" is not in Greece.

The main motivations are regulatory and fiscal.

[mmr]

Re: 90% Tax on BANKERS!

The bankers I used to work with on Wall Street are terrified because they know that as soon as Goldman's insane compensation pool figures are announced around year-end, Congress will capitalize on the outrage to pass a bonus tax here too (like what they did with AIG). Not saying that's necessarily the worst thing, but no one in their right mind would expect NY to be safer than London when it comes to taxation these days.

[Chris]

Re: 90% Tax on BANKERS!

Things are not that bad at all for London's bankers despite the current focus by the media circus.

[*T*]

Re: 90% Tax on BANKERS!

Perhaps we need 2 rates of income tax. One rate for earned income and a higher rate for "paid but definitely not in any way earned" income.

Ie 'rentier' income. Classically this is the only income to be taxed. See Michael Hudson, Fred Harrison.