Hang On To Your Wallet, Because First They Came For The Bankers.....

While the British decision to impose a 50% surtax on bankers' bonuses above GBP 25,000 may seem like an "over there" story, it can turn into an "over here" story in a hurry. The tax will be imposed at the employer, not the employee level, and while there may be a few tricks available for banks to try and hide it, they all depend too much on the U.K. government.

They cannot threaten to move offshore; what, you're going to transfer the whole industry to the Channel Islands or Gibraltar? Shut up and pay is the path of least resistance.

We are entering an era of nickel-and-dime taxes; apparently, they will start with the unpopular ones. They always do, but as Pastor Niemoller lamented, by the time they come for you, there won't be anyone left to help.....

The tax dodge game is going to be part of the investing landscape and a wasteful distraction for several years. Chicago rules indeed.