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That's low in Italy where the we are used to 50% taxes.

Not on wealth, you're not.

Assets sitting in a safety deposit box are wealth, not income. Wealth taxes, where assessed, are typically low single digit percent or sub-1%.

This isn't about wealth. They say in the news that they are talking about undeclared income hiding in safes.

Ah, so it's an income tax evasion holiday (or dirty money cleaning service fee).

Article positioned it like it was a wealth tax (that would apply to legitimate savings as well as ill-gotten gains in safety deposit boxes).