Vatic Note: What? A BONUS TAX WINDFALL FOR BRITISH CEO'S?? Is THIS our new Globalizing??? Take from the American worker/taxpayer and give it to the British Crown for their CEO'S of the companies they own???? Now we know why we had a revolution in 1776. Looks like Royalty never changes.... take take take. Give nothing in return. Screw you! They gave their crooked CEO's 1 billion pounds of bonuses and we are paying for it? God, they are pushing us to see how far they can do US TAXPAYERS. Damn, David Icke is right, its time we GREW UP and became the warriors we are capable of becoming if we get OUTRAGED ENOUGH. THIS IS WHAT WAS GOING ON WHILE WE DEALT WITH THE GULF SCAM. The "Tiger" is getting very very restless.
Are we already now a British Colony once again? What is this? I don't remember reading in the bailout bill that we are to rescue foreign banks CEO "BONUSES" with our tax dollars? Is that why the Queen visited here? Was she visiting one of her colonies? Is that what we are once again? NEVER. The royalty of britian have done nothing for the people of britian except to bring them shame and Distrust and no life since everything they earn goes into taxes, maybe that is why we are suffering the same fate? If we are now under british rule, we are in the same boat as the British. Well, its time for the Irish to get back into the game again. There is one solution to all of this. Do NOT COOPERATE BY PAYING YOUR TAXES IF THIS IS WHAT THEY ARE DOING WITH THEM. This is where we can take a stand. Put your taxes in escrow with a lawyer and once they prove Britian has paid back all we have given them, only then agree to pay the taxes. Its how we hold them accountable for this. Let them pay the CAP AND TRADE TAX, BECAUSE WE WON'T DO IT and because our banks owe us TRILLIONS OF DOLLARS AND ARE MAKING RECORD PROFITS, so let them pay everyone back.
US banks paying more than half of Britain's £2.5bn bonus tax windfall
America's three largest banks have paid more than £1bn in taxes on the bonuses of their UK-based staff, highlighting the bumper windfall the Government received from the one-off levy. (VN: They forgot to tell us its the Rothschild british who own those companies, so they aren't really US companies)
Contributed to Vatic by European Union Times
By Harry Wilson, Financial Services Correspondent
Published: 10:24PM BST 16 Jul 2010
US banks paying more than half of Britain's £2.5bn bonus tax windfall Photo: AFP/AP
Bank of America and Citigroup on Friday disclosed that they had paid out £567m and £263m respectively to cover the cost of the bonus tax, which was only originally forecast to generate revenues of about £550m.
The disclosures add to the £328m that JP Morgan Chase said it had paid in its second-quarter results published on Thursday, taking the total paid out by the three banks to £1.26bn, about half of the £2.5bn total amount the tax is now expected to raise.
In their second-quarter results announcements on Friday, Bank of America and Citigroup both blamed the UK bonus tax in part for their lower year-on-year profits.
Citigroup said the tax had led to a 3pc increase in the entire bank's expenses for the second quarter, while Bank of America said a $100m fall in second-quarter profits compared to the same period in 2009 had been partly because of the levy.
Commenting on JP Morgan's results on Thursday, Jamie Dimon, the bank's chairman and chief executive, singled out the tax saying it was partially responsible for offsetting a gain from a reduction in the firm's loan loss reserve.
The 50pc bonus tax was levied on all bonuses of more than £25,000 and was greeted with anger from the banking industry when it was announced last year. Mr Dimon was even said to have taken the step of calling the then Chancellor Alastair Darling to complain about it with a threat to move some of the bank's business out of the UK.
What to do with the windfall became a divisive issue between Mr Darling and former Prime Minister Gordon Brown, with Mr Brown pushing for the money to be used to fund a pre-election giveaway, while Mr Darling insisted it be used to pay down the national debt.
Levying the one-off tax was originally intended as a measure to dissuade banks from paying out large bonuses, however the amount of money raised is a clear indication that it failed in this purpose.
Many banks simply decided to spread the cost across their worldwide operations so as not to unfairly hit their UK-based staff.
David Hilman, a spokesman for the Robin Hood Tax Campaign, said the tax should be extended, arguing that banks can afford to pay much more than they already are.
"On the evidence of this, it has been a very successful way of raising money for the Government and it seems fair that an industry where average remuneration is far higher than the average across the country should pay more at this time of economic crisis," he said.
The Government is currently considering two new taxes on banks, with plans for a levy on the riskiest parts of their balance sheet, as well as financial activities tax.
The financial activities tax, announced by Mark Hoban, Financial Secretary to the Treasury, on Monday, is expected to bring in as much as £2.5bn a year. He said reforming the system of remuneration would be a key way of regaining trust. "We have the opportunity to send a clear message to the public that the banking system now operates in a way that is fair and no longer rewards employees based on short-term performance whilst leaving investors and taxpayers exposed to the long-term risks."
(VN: THIS IS EXACLTY WHAT FASCIST NWO BANKING WILL LOOK LIKE. "YOU PAY, THEY PLAY". Remember what the CEO's did with the last bailout we gave them? $40,000 PER NIGHT EACH FOR PROSTITUTES WITH OUR TAXES.... Quarter million dollar 5 day parties at high end resorts, $10 million dollar RENOVATION OF CORPORATE OFFICERS OFFICES. Purchase of a multimillion dollar condo for an EX CEO forced to resign due to incompetence, ARE YOU OUTRAGED YET?)
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