The part of the Greek and Italian deficit that hasn't gotten much attention is rampant tax evasion

[Bill USA]

Tax evaders in Greece, Spain and Italy better beware


Evading taxes is almost a national pastime in European nations such as Greece, Spain and Italy, and for years their governments largely looked the other way.

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In Italy, the focus is on tax evasion by the super-rich, which ran rampant under the leadership of former prime minister Silvio Berlusconi— also accused of tax dodging and who once famously said that evasion of high taxes was a God-given "right."

Berlusconi's successor, technocrat Mario Monti, has vowed to get Italy's house in order by reducing spending and increasing tax revenue. One of his first actions has been to clamp down on "the pretend poor," as Italian media have dubbed the super-rich tax evaders.

One in four Italians — 15 million — reported no taxable income last year. Italy says that at least 3 million of those own at least three homes. Meanwhile, Italian taxpayers reporting incomes of less than $26,000 owned 188,000 Ferraris and Lamborghinis, more than 500 private airplanes and about 42,000 yachts.

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[elleng]

1. I agree; used to mention this, early and often.

[libinnyandia]

2. I was wondering about that myself. And of course, here legal tax evasion is to blame for our fiscal

problems.

[madrchsod]

3. the greeks,albanians,and the macedonian`s all have private banks in this area.

my wife has seen a briefcase of cash delivered by a high ranking official from one of these countries. most of the employees were paid in cash. a few were paid by check to keep the feds off his back.

is there any wonder why these countries are broke?