Brits Put Whopping Tax on Bank Bonuses

British bankers are going bonkers today after the UK government announced that it wouldn't stand idly by as they showered themselves with obscene bonuses made possible by last year's massive infusion of government money.

Alistair Darling, the U.K.'s Chancellor of the Exchequer -- sort of like a Treasury Secretary, but with more pluck -- announced today that he will impose an immediate, one-time 50-percent tax on bonuses of more than 25,000 pounds (about $40,800). That's on top of regular income taxes.

The New York Times calls it "the most direct attack on bonuses anywhere in the world."

Across the pond, however -- where the Wall Street titans whose companies were saved from dissolution by an infusion of hundreds of billions of taxpayer dollars are about to reward themselves with a good chunk of that money in the form of year-end bonuses -- no such action is in the offing.

Our bankers apparently have nothing to fear from their government -- despite the fact that an unlikely collection of commentators and industry insiders from the left and right has made a compelling case that American taxpayers could and should reclaim some of the industry's profits, by effectively treating them like lottery winnings and subjecting them to a windfall profits tax. - Huffington Post