Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/14/2012 (1 year 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 (1 year 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'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for August 2014
Refugees:
That refugees, forced by violence to abandon their homes, may find a generous welcome and the protection of their rights.
Oceania: That Christians in Oceania may joyfully announce the faith to all the people of that region.



Comments


More Europe

Archaeologists find a very different type of 'treasure' - a 2,000-year-old toilet seat Watch

Image of Discovered at Vindolanda fort on Hadrian's Wall in Northumberland, the

By Catholic Online (NEWS CONSORTIUM)

Accustomed to finding priceless coins, artwork and historical artifacts, archaeologists in Great Britain have found an altogether different type of treasure - one that was desperately needed in ancient times - a wooden toilet seat, believed to be 2,000 years ... continue reading


Over 1,400 girls raped and abused by Muslims in English town Watch

Image of For more than 12 years a large community of Pakistanis living in England have enjoyed sexually abusing girls while officials turned a blind eye a new report reveals.

By Catholic Online (NEWS CONSORTIUM)

Over a 12 year period, hundreds of children were systematically raped, beaten and sex trafficked in a northern English town, and the government commissioned report on the incident reveals that it is still going on today. LOS ANGELES, CA (Catholic Online) - This ... continue reading


Guilty? Corruption case moves forward against the head of International Monetary Fund Watch

Image of Christine Legarde, the chief of the International Monetary Fund, who is facing charges currently in France.

By Catholic Online (NEWS CONSORTIUM)

Christine Legarde, the chief of the International Monetary Fund (IMF) and one of the most powerful women in the world, has been charged with "negligence" over a multi-million-euro graft case relating to her time as a French finance minister. LOS ANGELES, CA ... continue reading


Scandalous details come to light over defrocked nuncio's abuse of young boys Watch

Image of Shoeshine boys int he Dominican Republic say that Archbishop Jozef Wesolowski would cruise the oceanfront promenade and offer them large sums of money for sexual acts.

By Catholic Online (NEWS CONSORTIUM)

Loathsome details have come to light over defrocked Archbishop Jozef Wesolowski, the Vatican's ambassador to the Dominican Republic. Shoeshine boys say that Wesolowski would cruise the oceanfront promenade and offer them large sums of money for sexual ... continue reading


Archbishop appeals his defrocking for sexual abuse allegedly committed in Dominican Republic Watch

Image of If found guilty in a criminal trial, Archbishop Jozef Wesolowski could risk extradition to the Dominican Republic, which has appointed a special prosecutor to investigate the case.

By Catholic Online (NEWS CONSORTIUM)

Archbishop Jozef Wesolowski, from Poland, is accused of child sex abuse while he served in the Dominican Republic. He has since appealed against a Roman Catholic tribunal's decision to defrock him, according to the Vatican. LOS ANGELES, CA (Catholic Online) - ... continue reading


SHOCKING: Are there more British Muslims fighting for the Islamic State than for British military? Watch

Image of Many young men facing poor job prospects in the U.K. find the IS narrative of defending Islam hard to resist.

By Catholic Online (NEWS CONSORTIUM)

It's a shocking figure that has many questioning immigration laws. Britain's Ministry of Defense has confirmed that there are approximately 600 British Muslim service members in its armed forces of almost 200,000 people. In a momentous slap to the West - and ... continue reading


British Archbishop demands Muslim leaders enforce discipline on youth or face the consequences Watch

Image of George Carey, a former Archbishop recently spoke on the dangers of the Islamic State, as well as the British Muslims who go overseas to fight for it.

By Catholic Online (NEWS CONSORTIUM)

A former Archbishop of Canterbury has called for Britons that are fighting for the Islamic State to be banished from Britain. LOS ANGELES, CA (Catholic Online) - Lord George Carey of Clifton said that Muslims must  discipline their young people, or see them ... continue reading


Pontifical Council Statement on the Violence in Iraq Watch

Image of Let us therefore unite our voices with that of Pope Francis:

By Vatican Radio

No cause, and certainly no religion, can justify such barbarity. This constitutes an extremely serious offense to humanity and to God who is the Creator, as Pope Francis has often reminded us. VATICAN CITY (Vatican Radio) - The Pontifical Council for Interreligious ... continue reading


British rapper makes 14-year-old girl post sex video online Watch

Image of The girl, who can't be named for legal reasons, accepted a friend request from rapper Logik, whose real name is Kyle Burns.

By Catholic Online (NEWS CONSORTIUM)

It was a sick incident that highlights what's going on around the eyes and ears of semi-attentive parents. A British rapper who goes under the stage name of "Logik" asked a 14-year-old girl to pose an indecent 60-second video of herself to which he promised ... continue reading


A new tomb may be the burial place of Alexander the Great Watch

Image of This road leads up to a newly discovered tomb which could hold the remains of one of Alexander the Great's generals.

By Catholic Online (NEWS CONSORTIUM)

Archaeologists in Greece have discovered an immense tomb that they believe may be connected with Alexander the Great, whose conquests stretched from Greece to India. LOS ANGELES, CA (Catholic Online) - This tomb, which dates to around 300 BC, may have held the body ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

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

Daily Readings

Reading 1, First Corinthians 2:10-16
10 to us, though, God has given revelation through ... Read More

Psalm, Psalms 145:8-9, 10-11, 12-13, 13-14
8 Yahweh is tenderness and pity, slow to anger, full ... Read More

Gospel, Luke 4:31-37
31 He went down to Capernaum, a town in Galilee, and ... Read More

Saint of the Day

Saint of the Day for September 2nd, 2014 Image

St. Ingrid of Sweden
September 2: Born in Sknninge, Sweden, in the 13th century, St. Ingrid lived ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter