France to Tax Bankers’ Bonus

According to Christine Lagarde, France’s Finance Minister, the French government does not believe that taxing bank bonuses will cause traders and financial operations to leave Paris.

In an interview published by Le Figaro today, Mme Lagarde is quoted as saying that France will enact a law as early as the end of March levying a 50 percent tax on bonuses above €27,500,  regardless of whether they are paid in cash or shares; affecting some 2,500 bankers.