It's Spreading: Now France Is Imposing A Bonus Tax

Great Britain’s controversial decision to tax banks 50% for large bonuses yesterday, is sweeping through Europe today.

Starting with France:

FT: President Nicolas Sarkozy is to follow Britain’s lead and impose a one-off tax on bonus pay-outs by banks operating in France.

The French government intends to include the 50 per cent tax in the budget bill going through parliament. It will be levied on bonuses above €27,000 and will be paid by the banks, bringing Paris in line with London.

Soon Germany?

On Thursday German Chancellor Angela Merkel joined the clamour on bankers’ bonuses saying it would help the financial sector learn from its mistakes.

“The Germans always said that we want the banks and the people who work in these banks to share the burden resulting from this crisis. We should not place the burden squarely on the taxpayers’ shoulders,” Ms Merkel told reporters.

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