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Economy

New Democracy Will Axe SYRIZA’s Hated Solidarity Tax

December 29, 2020

ATHENS – Among the measures most despised that was imposed by the former ruling Radical Left SYRIZA – which reneged on promises to help the most vulnerable, a so-called “solidarity tax” has been eliminated by the New Democracy government which ousted its rivals in 2019.

The tax has been taken out annually from people's paychecks and allegedly goes to help the most vulnerable in society, those most affected by SYRZA austerity measures, with former finance chief Euclid Tsakalotos admitting the leftists deliberately overtaxed the middle class to help others.

The government said it was abolishing the tax calculated on income derived in 2020 from leasing, dividends, business activities and capital gains, extending into 2021 when private sector wage-earners will also be relieved of the extra tax tacked on to regular income tax brackets, said the business paper Naftemporiki.

The tax was put on those with incomes of more than 20,000 euros ($24,502.40) annually, imposed by SYRIZA to appease European creditors after then-premier Alexis Tsipras broke a vow not to seek a third bailout of 86 billion euros – ($105.36 billion) and added taxes he swore he wouldn't and said he had no choice about it.

The fee was part of a tax wave in 2016-17 that devastated the middle class and also hit workers, pensioners and the poor, the government then hoping the solidarity tax would take money from one sector to give to another.

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