Why a tax on bonuses is stupid and dangerous

Whipping up moral outrage isn't a solution, it simply panders to the lowest common denominator.

Ok, I admit it, last Wednesday I was glued to the television watching BBC's broadcast of American International Group CEO Edward Liddy's testimony before the US House Financial Services subcommittee about the $165 million in bonuses paid to executives of his bailed-out company. I held my breath, hoping that the BBC wouldn't cut away to news about Austrian murderer and rapist Josef Fritzl or a fire in central London. I wanted them to stick to the story that mattered...

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