Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/14/2012 (2 years ago)

Catholic Online (

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.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

12/14/2012 (2 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'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Europe

Anti-Semitic violence runs rampant through Europe Watch

Image of


A top European Union official has warned of increasing anti-Semitism in Europe, as there are mounting threats and attacks against Jews in Europe's member countries.  BRUSSELS, EUROPE (Catholic Online) - The Vice President of the European Commission, Frans ... continue reading

Is ancient Greek tomb for Alexander the Great's friend Hephaestion? Debate continues Watch

Image of After his death in 325 B.C., Alexander the Great reportedly ordered that shrines be constructed throughout the empire. Hephaestion died less than a year before the Macedonian leader.

By Catholic Online (NEWS CONSORTIUM)

Archaeologist Katerina Peristeri declared that the mysterious Amphipolis monument is a tomb to Hephaestion, Alexander the Great's best friend who died less than a year before Alexander did.Fragmentary inscriptions link the monument to Hephaestion. Other archaeologists ... continue reading

10,000 copies of Germany's constitution was printed in Arabic to help nearly 800,000 migrants integrate Watch

Image of


Germany translated the first 20 articles of its constitution, which concerns basic rights such as freedom of speech, into Arabic for refugees to learn in an attempt to help immigrants integrate. LOS ANGELES, CA (Catholic Online) - At the moment, Germany struggles to ... continue reading

Segregation of Jewish and Muslim pupils in a French school echoes chilling Nazi segregation Watch

Image of


Jewish and Muslim students at the Piedallous primary school in Auxere, Burgundy were ordered to wear disks around their necks. The incident brought with it memories of Nazi segregation and caused an uproar. LOS ANGELES, CALIFORNIA (Catholic Online) - Daily Mail ... continue reading

German refugee camps plagued with rape and child abuse Watch

Image of The European migrant crisis continues to grow. Rape and sexual abuse are already being reported inside German refugee camps.


Rape and sexual abuse is now becoming a major problem in several German refugee asylums as the country tries to cope with their migrant crisis. HOLLYWOOD, CA (Catholic Online) - Refugees are facing several problems inside overcrowded refugee centers across the country ... continue reading

OVERRUN AND OUT OF PATIENCE: Immigrants quickly wear out welcome in Germany Watch

Image of In Germany, there are a few terrorist agents mixed in with those who say they are fleeing the brutal persecution of Islamic State, when in fact they themselves are ISIS.

By Catholic Online (NEWS CONSORTIUM)

Germany was lauded by the international community for taking in the large influx of immigrants feeling violence in Syria and Iraq. However . this generosity has a heavy price. Many of these so-called immigrants have left their native lands to make their ... continue reading

Expert confident forensic remains of fabled 'Mona Lisa' found Watch

Image of Most everyone is familiar with the image of a young woman with an enigmatic smile, her hands folded on her lap.

By Catholic Online (NEWS CONSORTIUM)

Leonardo Da Vinci's "Mona Lisa," perhaps the world's most famous painting, has cast a spell across the imagination. Lisa Gherardini, the wife of Florentine silk merchant Francesco del Giocondo, is thought to have been the portrait's model. Bone fragments have ... continue reading

British mother of six brutally assaulted in acid attack Watch

Image of Thirty-seven-year-old Carla Whitlock says that she is still trying to come to terms with how her life has been changed.

By Catholic Online (NEWS CONSORTIUM)

In what is common in India - but most unusual in the United Kingdom, a 37-year-old mother of six is struggling to come to terms after suffering a vicious acid attack. Witnesses saw her face visibly melt, and doctors say she will probably lose the sight in one ... continue reading

EU holds summit to discuss migrant crisis Watch

Image of The migrant crisis has resulted in over 160,000 eligible refugees with no country to settle in.

By Kenya Sinclair (NEWS CONSORTIUM)

European Union leaders met in a summit Wednesday evening in Brussels to talk about reinforcing surveillance of the frontiers, particularly sea routes into Greece where hundreds of refugees die in the midst of attempts to reach Greek islands. LOS ANGELES, CALIFORNIA ... continue reading

Majority of migrants entering Europe NOT Syrian refugees Watch

Image of

By Abigail James (NEWS CONSORTIUM)

The migrant crisis hitting Europe has driven headlines over the past month, tugging at the heartstrings of people wanting to help desperate refugees running from a war-torn country. However, new reports from Europe show that "only one in five migrants claiming asylum" ... continue reading

All Europe News


Newsletter Sign Up icon

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

Subscribe to Catholic OnlineYouTube Channel

Daily Readings

Reading 1, Jonah 3:1-10
1 The word of Yahweh was addressed to Jonah a second ... Read More

Psalm, Psalms 130:1-2, 3-4, 7-8
1 [Song of Ascents] From the depths I call to you, ... Read More

Gospel, Luke 10:38-42
38 In the course of their journey he came to a ... Read More

Saint of the Day

Saint of the Day for October 6th, 2015 Image

St. Bruno
October 6: Bruno was born in Cologne of the prominent Hartenfaust family. ... Read More