The Portuguese fiscal cliff [penhasco fiscal?]

Lisbon plans to lift income tax revenue by more than 30 per cent[this coming year], raising the effective average rate by more than a third from 9.8 to 13.2 per cent. Anyone receiving more than the minimum wage of €485 a month, including pensioners, will also pay an extraordinary tax of 3.5 per cent on their income.

We’ll see how that goes, here is the rest of the FT story.  Here are some related earlier posts.