France to Tax Bank Bonuses

The day after Britain announced a one-time 50 percent tax on bank bonuses over $40,000, French President Nicolas Sarkozy is set to follow suit. The French government is still working on the specifics, but the Financial Times says Sarkozy “intends to bring Paris in line with London.” Sarkozy and British Prime Minister Gordon Brown are planning to urge the rest of the E.U. to adopt similar measures on Thursday. German Chancellor Angela Merkel hinted Germany would soon follow suit, saying “We have committed ourselves to a transaction tax in the financial markets.”