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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 374.33

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Nov 18 4:00 PM EST

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From: Elroy Jetson	7/19/2015 12:01:13 AM
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Combined usage of credit and debit cards in Greece have declined by more than 50% since 2008 as Greeks become more determined than ever to avoid leaving any trail of documentation which could contradict their annual claims that they earn virtually no taxable income - in spite of often holding luxurious assets. This has created quite a hardship for those who dumped their cards in pursuit of tax evasion lifestyle as they've been limited to cash withdrawals of €60 daily and €420 weekly. The Italian tax authorities frequently visit luxury resorts taking photos of the license plates of Ferraris and other high-end cars and collect the hotel registers of guests paying €600 or more nightly. These guests typically cross-reference with the tax returns of those claiming extremely small incomes - often not even enough to keep their family fed. During the resulting tax audits these Italian resort guests usually claim their expensive hotel stay and luxury automobiles were gifts from unnamed wealthy foreign friends who are not subject to taxation in Italy. But without proof of the incredible generosity of their many foreign friends, these Italians end up owing back taxes and penalties. Unfortunately the Italian legal system can often postpone the final judgement requiring payment for years, just as they do with traffic fines and other infractions. Italian's can often hire attorneys to prolong these tax cases for less than the interest they continue to earn on the proceeds of their tax fraud. Some think taxpayers around the world should subsidize these tax cheat nations. Others think this unreasonable.

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