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The 5% redemption tax! September 11, 2012

Posted by proeconomia in Fiscal policy, Main, News on Greece, On the crisis, Opinion.
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This is an article (in Greek) that describes the following situation: those that have been tax evading for any number of years, or are having high value real estate, cars, jewelry, stocks, bonds, etc. that cannot be justified according to their tax return statements are now welcomed to declare them for a 5% flat redemption tax and get away with it. Yes, 5%! Irrespective of the amount of income or wealth! That is, those s@ckers declaring and paying up their dues are now being called to witness their own stupidity for not doing the same. This happens at the same time when housing is taxed to death, wages are falling, and an increase of the retiterment limit is discussed as a measure to “tidy up” the economy. If anyone has seen such a (forgive me father for I have sinned!!!) policy approach in a paper or a textbook – that shows that such a measure provides any incentive not to cheat again – kindly alert us so that we can post it here and understand such a move better.

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