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The British government aims to get tough with bankers making big bonuses at bailed-out banks:

Alistair Darling will try to force a “permanent culture shift” in the City as he announces a one-off punitive super-tax of more than 50% on the bonuses of tens of thousands of bankers as the centrepiece of the pre-budget report.

….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 [about $250,000 –ed], sources indicate.1

….But City accountants said there was a strong likelihood of a legal challenge against a punitive tax aimed at one sector of the workforce. Bill Dodwell, head of taxation at accountants Deloitte said: “We have had calls from bankers asking about what action they might take under the Human Rights Act. There’s never been a precedent.”

Hey, this means that conservatives might finally find something they like about the EU Convention on Human Rights!  Assuming, of course, that they can convince a judge that making bankers pay high taxes on high incomes is a violation of human rights.  Seems a stretch to me, but I know zilch about EU law or the British implementation of it.  Anyone who knows more should feel free to chime in.

1Just so you know, Darling announced a few months ago that the basic tax rate for income above £150,000 would rise from 40% to 50% starting next April.  The new super tax would be above and beyond that.

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And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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