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05 Jul 2011
PARLIAMENT is set to vote on the reinstatement of a bankers' bonus tax to be proposed by the Labour Party.
The party wants to amend the 2011 Finance Bill to bring back the tax, which was in place before the 2010 general election.
Ed Balls, the shadow chancellor, said: "The government should adopt Labour's plan for a tax on bankers' bonuses and use the money to get young people into work and so help get the deficit down."
Balls has previously called on the government to reduce VAT.
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Visitor comments Add your comment
Bonus Tax
Another hair brained idea from Labour, who have shown many times that they cannot be trusted with the Nation's finances. The banks will have to pay bigger bonuses to give the same net amount and savers will suffer.
Posted by: Nick Peat, 05 Jul 2011 | 12:18
Bonus Tax & VAT Economics
Its a good idea as it targets to achieve an equitable distribution of resources. Its taking money from rich, i.e. taxing the bonuses, which are seemed to be paid more than essential; and on other hand it aims to decrease the VAT i.e. help the economy and public in general. My fellow comentator might agree that if banks give bigger sums of amounts, the tax-man gains, which is what is necessary for debt reduction. Further, the savers feel more assured because lesser bonuses would be paid, and even if more bonuses would be paid, they would land up in safe hands with the government.
Posted by: Gaurav Chavda, 05 Jul 2011 | 23:10