Post by cleefarqhuar on Nov 20, 2014 19:37:46 GMT
The EU has passed legislation limiting the bonuses paid to bankers
Whilst most people have little sympathy for the exorbitant bonuses paid to bankers, one must preferably pause and think rather than rush into knee-jerk reactionism, which category the EU legislation might possibly fall in to
I think that governments must consider carefully before they start meddling in the market. Naturally regulation must be enforced to criminalise behaviour that feeds excessive greed that acts against the public interest
Does bankers bonuses fall into this category
I do not know
But what might happen in Europe is that these highly talented individuals that receive massive bonuses move elsewhere, and London, in particular loses its market pre-eminence in the banking sector
It is a fact that the bottom (paid) 41% of the uk population contribute 15% of total income tax and the top (paid) 1% contribute 13% of total income tax www.gov.uk/government/statistics/shares-of-total-income-before-and-after-tax-and-income-tax-for-percentile-groups
It is self evident from these figures that those earning massive bonuses contribute disproportion ally to the common weal
If we are to lose half of these top earn3ers then income tax revenue would fall by 7%
How would this be made up?
By increasing the taxation on the lower paid perhaps?
France is experiencing this today. It has introduced swingeing taxes for the rich, and the rich have left (London is a preferred location)
The revenues of France are in disarray
The lesson is think hardly before punishing those that contribute a disproportional amount to the common weal
The EU, with its socialist dogma ignores this lesson o seems
Whilst most people have little sympathy for the exorbitant bonuses paid to bankers, one must preferably pause and think rather than rush into knee-jerk reactionism, which category the EU legislation might possibly fall in to
I think that governments must consider carefully before they start meddling in the market. Naturally regulation must be enforced to criminalise behaviour that feeds excessive greed that acts against the public interest
Does bankers bonuses fall into this category
I do not know
But what might happen in Europe is that these highly talented individuals that receive massive bonuses move elsewhere, and London, in particular loses its market pre-eminence in the banking sector
It is a fact that the bottom (paid) 41% of the uk population contribute 15% of total income tax and the top (paid) 1% contribute 13% of total income tax www.gov.uk/government/statistics/shares-of-total-income-before-and-after-tax-and-income-tax-for-percentile-groups
It is self evident from these figures that those earning massive bonuses contribute disproportion ally to the common weal
If we are to lose half of these top earn3ers then income tax revenue would fall by 7%
How would this be made up?
By increasing the taxation on the lower paid perhaps?
France is experiencing this today. It has introduced swingeing taxes for the rich, and the rich have left (London is a preferred location)
The revenues of France are in disarray
The lesson is think hardly before punishing those that contribute a disproportional amount to the common weal
The EU, with its socialist dogma ignores this lesson o seems
