Greeks' New Top Tax Rate: 42 Percent

Will apply to anybody earning more than the Euro equivalent of $55,000 a year

Greeks earning more than €42,000 ($55,000) per year will now be taxed at a new top rate of 42 percent, under a major new tax reform bill submitted to the country's parliament.

Under the new guidelines published late Thursday, the new 42 percent top tax rate and earnings threshold replaces the previous level of 45 percent for incomes above €100,000 ($130,770).