The US House of Representatives have passed a bill to levy a 90% tax on bonuses from firms bailed out by taxpayers. The bill is not law as yet but this is likely after a compromise with the Senate.
Is this the way forward? After all this overcomes any legal and contractual obstacles for contracts already in force. The legislation could be applied retrospectively to cover bonuses already paid.
This solution is well worth looking at in the UK. It surely solves the issue and would have wide public support.
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