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A trader in New York got a quarterly bonus of $198,000, and $109,000 went to taxes—more than half, gone. It stings, but Wall Street’s high salaries are really just a way of working for the tax authorities. The real question is, where does all that money go? At that tax burden, who’d want to stay in New York for long? So what’s the takeaway? I haven’t figured it out yet.

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