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To: ellery

Maybe grown men live with their parents to help run the family-owned black market business. Anyone know if it's still true that much of the Italian economy is balck market?


13 posted on 11/19/2005 5:18:14 PM PST by fat city ("The nation that controls magnetism controls the world.")
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To: fat city
Anyone know if it's still true that much of the Italian economy is balck market?

" The amounts of money involved are substantial. Analysts estimate that a total of $850 billion in annual earnings in the euro zone goes untaxed. While some of the tax-evaders are criminals, most are ordinary Europeans trying to duck the continent's onerous taxes--the counterpart of a generous social safety net. Scofflaws range from parents who pay nannies off the books to contractors who declare only part of workers' income. And they're found across the Continent. With Europe's biggest economy, the Germans hide $268 billion from the tax collector every year. Italians hide $250 billion. In addition, some $759 billion is salted away in foreign bank accounts, much of it for tax reasons."

<>

" The primary reasons Europeans evade taxes are high marginal tax rates and the choking bureaucracies that monitor tax compliance which make it hard for small businesses to operate, let alone make a profit. Many immigrants have little choice but to join the underground economy because it's so hard to legitimize their status."

Business Week.

24 posted on 11/19/2005 6:39:08 PM PST by decimon
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