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Recession Briefing 12.10: A 50 Percent Tax on British Bonuses
The British government wants to levy a one-time, 50-percent tax on banking bonuses over $41,000. “I am giving them a choice,” said Chancellor of the Exchequer Alistair Darling. “They can use their profits to build up their capital base. If they insist on paying substantial rewards, I am determined to claw money back for the taxpayer.” (BusinessWeek)
A new survey shows that employees are unhappy with the way they’ve been treated in the downturn, and many plan to quit their jobs next year. (Chicago Sun-Times)
The public thinks more highly of politicians, lawyers and insurance companies than bankers, thanks to their big bonuses and taxpayer bailouts. (Bloomberg)
Five people who have found crazy ways to make money in the recession, including renting stork signs and being a “mystery parker.” (WalletPop)
The recession has hit everywhere but China. For the first time this year, Chinese will buy more cars than Americans. They’re also buying more of everything else. (NY Times)
A Cleveland furrier that has been in business for 117 years is closing because of the downturn.(AP)
An unemployed Philadelphia lawyer advertised his beloved pool table on Craigslist, along with a plea for someone to hire him. (Above the Law)
A couple finds that dropping the American Dream has its pluses. “It’s just a better life. It really is,” says Shana Richey. Before defaulting on her mortgage, she owed about $230,000 more than her home was worth. (WSJ)
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