British government shocks City of London over heavy bonuses tax

By Branko Brkic 10 December 2009

On Wall Street, Goldman Sachs and JP Morgan are about to give huge bonuses to their traders. But in Britain the public is still so angry over this issue that government is about to return some of their money by putting a 50% tax on bonuses exceeding $40,000. The bankers and brokers are pretty upset by this, as this affects not only the City of London, but the subsidiaries of Wall Street firms as well. But it will please the American public, who are shell-shocked that Goldman et al could even think of awarding bonuses – they’re talking some $20 billion each -- that match those paid in the boom years. US market watchers don’t think this tax could happen across the pond, so the American taxpayers are about to get some revenge through their UK counterparts by proxy, instead. Read more: The New York Times