Making Bankers Pay

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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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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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