Aug 15

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Wealth Tax Looms As Greeks Forced To Declare All ‘Assets’ To Tax Authority

In Greece’s ongoing collapse into utter farce, The Greek finance ministry confirmed some more details of the long-planned registration of all kinds of private wealth that will go into effect in February 2017. As KeepTalkingGreece reports, more than 8,500,000 tax payers registered in Greece will be called to declare all moveable and immovable assets, their total “wealth”, and even cash they possess even if it is below 100 euro. Furthermore, the taxpayers will have to register changes in their assets when they occur and not annually.

Tax authorities will upload on their website pre-filled data like real estate, declared income, income from rents, loans, vehicles etc – practically the pre-filled data will refer to data given by taxpayers in their income declaration.

And under the new scheme, Greeks are mandated to have registered everything they own, with taxpayers having to add moveable and immovable possessions such as paintings, antiques, jewelry, even historical weapon, etc but also the cash they have in their wallets or under the mattress.

“Taxpayers must declare all the cash they have in their hands, even one euro!” an official from the Finance Ministry told newspaper To Vima on conditions of anonymity.

The Greek finance ministry apparently does not know yet what value the taxpayers will have to declare if they possess a necklace and a ring, a painting made by the cousin and a sculpture made by the sister in the ceramics course. The Ministry has also no idea, who will estimate the value and how.

Within a month, the taxpayer will have to submit a modification statement, if there are any changes in his possessions status.

“This will affect any case of property transfer or acquisition, but not of income, which is being declared each year, and are directly updated by the tax authorities. To Vima stresses.

KeppTalkingGreece sarcastically concludes… that she  understands, she will not have to submit cash possessions modifications every time she goes to the kiosk to buy chewing gums or cigarettes and pays cash from the money in her wallet.

PS No comment for the time being as my current moveable possessions are two bikinis, 2 pairs of flip flops and a beach towel. Swimming is the best medicine against state madness and officials with Robespierre’s attitudes.

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The simple question every Greek (and European and American and Japanese) citizen should be asking – why does the government want to know this? …and besides what gives them the right to invade the citizenry’s provacy to such a degree?

The answer is sadly simple. The road the dystopian “wealth tax” endgame has been long-written. As we pointed out in 2011, the “muddle through” is dead… and there are only painful ways out

And now it is time to face the facts. What facts?

The facts which state that between household, corporate and government debt, the developed world has more than $20 trillion in debt over and above the sustainable threshold by the definition of “stable” debt to GDP of 180%.

The facts according to which all attempts to eliminate the excess debt have failed, and for now even the Fed’s relentless pursuit of inflating our way out this insurmountable debt load have been for nothing.

The facts which state that the only way to resolve the massive debt load is through a global coordinated debt restructuring (which would, among other things, push all global banks into bankruptcy) which, when all is said and done, will have to be funded by the world’s financial asset holders: the middle-and upper-class, which, if BCS is right, have a ~30% one-time tax on all their assets to look forward to as the great mean reversion finally arrives and the world is set back on a viable path.

But not before the biggest episode of “transitory” pain, misery and suffering in the history of mankind. Good luck, politicians and holders of financial assets, you will need it because after Denial comes Anger, and only long after does Acceptance finally arrive.

The truth is far, far uglier than anything anyone in a position of power will tell you because acknowledgment would imply the need to come up with solutions that involve more than merely extending the event horizon for a little longer. Alas, even politicians now realize there is only so far that the can can be kicked.

There is one thing we would like to bring to our readers’ attention because we are confident, that one way or another, sooner or later, it will be implemented.

Namely a one-time wealth tax: in other words, instead of stealth inflation, the government will be forced to proceed with over transfer of wealth. According to BCG, the amount of developed world debt between household, corporate and government that needs to be eliminated is just over $21 trillion. Which unfortunately means that there is an equity shortfall that will have to be funded with incremental cash which will have to come from somewhere. That somewhere is tax of the middle and upper classes, which are in possession of $74 trillion in financial assets, which in turn will have to be taxed at a blended rate of 28.7%.

And perhaps Greece is the Western world’s guinea pig for the first effort?

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