Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/14/2012 (3 years ago)

Catholic Online (www.catholic.org)

High rate now part of nation's new tax rules

People or families that are earning about $55,000 a year are considered at the top of their form, middle class wise. There's more than enough money to put food on the table and go someplace fun for two weeks out of the year. In cash-strapped Greece, however, those who make $55,000 or more a year will be taxed at a whopping 42 percent. It's all part of that struggling European nation's new tax plan.

More than 20 percent of the population now officially lives in poverty, earning less than €7,200 - or less than $9,420 in U.S. dollars, per year.

More than 20 percent of the population now officially lives in poverty, earning less than €7,200 - or less than $9,420 in U.S. dollars, per year.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/14/2012 (3 years ago)

Published in Europe

Keywords: Greece, new tax plan, austerity, bailout money


LOS ANGELES, CA (Catholic online) - According to the new tax plan, Greeks earning more than €42,000 or $55,000 annually will now be taxed at a new top rate of 42 percent. Under the new guidelines, the 42 percent top tax rate and earnings threshold replaces the previous level of 45 percent for incomes above €100,000 or $130,770.

These new rates are all part of a simplification of the country's tax rules. There are currently eight tax bands ranging from 18 percent to 45 percent. These will be replaced by three tax rates: 22 percent, 32 percent and 42 percent.

Greeks earning less than €25,000 or $32,700 a year are set to benefit from the new system.

The new tax rates are part of the austerity measures demanded by the country's international rescue lenders. These new guidelines were submitted to parliament hours after the finance ministers from the 17 European Union countries that use the euro agreed to restart rescue loan payments.

Currently, Greece is in line to get €49.1 billion or $64 billion between now and March, with €34.3 billion of that amount due in the days ahead.

Greek Finance Minister Yannis Stournaras presented the plans to his colleagues from the other 16 European Union. In return for the rescue loans, Greece's international lenders have insisted on a series of reforms, tax raises and spending cuts.

The staggered hikes in taxes, which are required to meet deficit-cutting targets, have hammered the economy. Greek unemployment is now up to 26 percent - with more than in four jobless. In addition, more than 20 percent of the population now officially lives in poverty, earning less than €7,200 - or less than $9,420 in U.S. dollars, per year.

Conservative Prime Minister Antonis Samaras has promised a rapid settlement of state debts while spending €11.3 billion or $14.78 billion on a debt buyback scheme.

"Today ends a long and difficult period of anxiety for Greece," Samaras told journalists in Brussels.

"It ends the rumors, blackmail and pressures on our country to exit the euro. Today, Greece gained a great opportunity to stand on its feet and get out of the crisis - standing, not kneeling."

According to a recent poll, Samaras' center-right New Democracy party lost ground to its main rival, the left-wing Syriza Party.

The poll also found that the Greek population now has a negative view of the European Union: 50 percent compared to 46 percent with a positive view - a major shift from the respective positions of 37 and 61 percent six months ago.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Europe

Seven suspects arrested in Spain for smuggling weapons to ISIS - disguised as humanitarian aid Watch

Image of Eighty-two suspects have been arrested in connection with suspected terrorist activities in Spain since the beginning of 2015.

By Catholic Online (CALIFORNIA NETWORK)

Seven people have been arrested in Spain and North Africa on suspicion of supplying bomb-making equipment to Islamic State leaders in Syria and Iraq - under the phony pretense of sending humanitarian aid. LOS ANGELES, CA (Catholic Online) - Six men were arrested ... continue reading


REVEALED: Pope Pius XII's secret efforts to overthrow Hitler Watch

Image of In the late 1990s, debate over whether Pius XII did enough to counter the Nazis reached a high point with the publication of the deeply controversial book,

By Kevin J. Jones, CNA/EWTN News

Pope Pius XII's secret support for the attempted overthrow of Nazi dictator Adolf Hitler is the subject of a new book that draws on wartime documents and interviews with the American intelligence agent who wrote them. Washington D.C. (CNA/EWTN News) - "This ... continue reading


Germany cannot take in 'all the world's needy,' Catholic Church says Watch

Image of The anti-Islamic group Periga has encouraged fellow Europeans to join them in marches for

By Catholic Online (CALIFORNIA NETWORK)

Charity has limits, church officials in Germany say. Taking in the majority of the world's Syrian refugees, representatives from the Catholic Church now say that resources are being stretched to the limits, and new refugees must be controlled. LOS ANGELES, CA ... continue reading


Remains of St. Padre Pio of Pietrelcina, St. Leopold Mandic arrive in Rome for Jubilee of Mercy Watch

Image of The relics of the two saints were welcomed to St. Lawrence with a large celebration and procession into the basilica (CNS/Reuters).

By Elise Harris, CNA/EWTN News

The partially incorrupt body of Padre Pio has arrived to Rome for the first time ever alongside that of another friar, St. Leopold Mandic, as a special initiative for the Jubilee of Mercy. Vatican City (CNA/EWTN News) - Urns containing the relics of Saint Padre ... continue reading


Seeking reconciliation, Pope Francis, and Russian Orthodox leader to meet in Cuba - for first time, ever Watch

Image of The meeting comes after years and decades of previous outreach efforts, which has prevented papal visits to Russia (AFP).

By Catholic Online (CALIFORNIA NETWORK)

In the hopes of repairing a schism within Christianity, that dates back as far as the 11th Century, Pope Francis will meet with the leader of the Russian Orthodox Church in Cuba. The two branches have been estranged because of disagreements over papal authority - as ... continue reading


Woman takes toddler to join ISIS Watch

Image of Tareena Shakil took her toddler to Syria to join ISIS (PA).

By Kenya Sinclair (CALIFORNIA NETWORK)

Twenty-six-year-old Tareena Shakil told her family she would be vacationing in Turkey with her 14-month-old son. The next time her family heard from her, Shakil and her son were in Syria - and had joined the terrorist organization ISIS. LOS ANGELES, CA (California ... continue reading


Evidence of the Yeti? Footprints in Himalayan snow said to be of abominable snowman Watch

Image of Among the most elusive of all crypto-zoological creatures, the Abominable Snowman has had several eyewitness accounts. Some Russian fans here pose with an elaborate mock-up of the snowy creature (Lenta).

By Catholic Online (CALIFORNIA NETWORK)

The abominable snowman, or Yeti, remains one of the world's most elusive crypto-zoological figures. There have been many eyewitness reports of the hairy giant throughout the mountain ranges of the Himalayas for many years. A British man, on vacation in Bhutan, ... continue reading


'I should never have smiled at him': Nightclub owner bans migrants from club when language barrier leads to sexual harrassment Watch

Image of When women began to report migrants harassing them at his nightclub, Jensen decided to take action (Mads Flackner).

By Kenya Sinclair (CALIFORNIA NETWORK)

Tom Holden Jensen, the owner of a Danish nightclub, decided to ban all migrants who don't speak Danish, English or German from his Buddy Holly club in Søenderborg. The controversial decision was made after several women claimed they felt threatened and intimidated by ... continue reading


'Covering St.Peter's in an enormous box?' - Italians react to veiling of classical art for alien religion Watch

Image of Statues were covered in advance of Rouhani's visit to Rome, but not all of them.

By David Drudge (CALIFORNIA NETWORK)

Italians are upset that state officials covered ancient Roman statues to avoid offending Hassan Rouhani's sensibilities during his visit to Rome. The president of the Islamic Republic is on a tour of Europe to drum up trade following the lifting of sanctions on Iran. ... continue reading


The world recognizes International Holocaust Remembrance Day Watch

Image of International Holocaust Remembrance Day honors the memory of those who were lost (kosherKola).

By Kenya Sinclair (CALIFORNIA NETWORK)

On November 1, 2005, the United Nations General Assembly passed Resolution 60/7 to make January 27 the International Day of Commemoration in memory of Holocaust victims. LOS ANGELES, CA (Catholic Online) - January 27 is the anniversary of the liberation of the ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • MAKE YOURSELF COUNT! Complete this quick Ash Wednesday survey
  • Stations of the Cross - Series HD Video
  • 10 important things to consider during Lent
  • Daily Reading for Tuesday, February 9th, 2016 HD Video
  • Daily Readings for Tuesday, February 09, 2016
  • Technology helps brain damaged musician create music for the first ...
  • St. Apollonia: Saint of the Day for Tuesday, February 09, 2016

Daily Readings

Reading 1, First Kings 8:1-7, 9-13
1 Solomon then summoned the elders of Israel to Jerusalem to bring the ... Read More

Psalm, Psalms 132:6-7, 8-10
6 Listen, we heard of it in Ephrathah, we found it at ... Read More

Gospel, Mark 6:53-56
53 Having made the crossing, they came to land at Gennesaret and moored ... Read More

Saint of the Day

Saint of the Day for February 8th, 2016 Image

St. Jerome Emiliani
February 8: Jerome Emiliani lay chained in the dark dirty ... Read More