Italy's Cabinet Approves 26-Billion-Euro Budget for 2027
The plan raises tax brackets and adds new levies on banks and insurers to help fund social support before the 2027 election.
- On Wednesday, Italian Prime Minister Giorgia Meloni's cabinet approved a 2027 budget worth about 26 billion euros , the government's final spending plan before next year's general election.
- Mounting pressure to tackle rising living costs prompted these measures, as trade unions and student groups staged protests in recent weeks; Economy Minister Giancarlo Giorgetti cited rising raw material costs and borrowing rates as key challenges.
- The package expands the 33-percent income tax bracket to 55,000 euros and adds a 5-percent flat tax for new hires under 35, while the government expects 5 billion euros from banks and insurers plus 700 million from energy groups.
- Meloni told reporters, "I am very satisfied with the consistency, unity and freedom we have shown," while an agreement with the European Union allows a temporary increase in next year's fiscal deficit for spending.
- Families will receive an annual state contribution of 100 euros for each newborn until the child turns 18, as this budget represents the government's final spending plan before the 2027 general election.
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“We are renewing all the support measures we adopted last year,” said Giorgia Meloni, whose government presented the state budget for 2027, amounting to 26 billion euros. The post Italy: The Meloni government presented the state budget for 2027, amounting to 26 billion euros appeared first on in.gr.
Italy's cabinet approves 26-billion-euro budget for 2027
ROME, Oct. 28 (Xinhua) -- Italian Prime Minister Giorgia Meloni's cabinet on Wednesday approved a draft budget worth about 26 billion euros (29 billion U.S. dollars) for 2027, featuring tax cuts and social support measures.
The Meloni government presented interventions worth approximately 26 billion euros, with an emphasis on youth housing, low birth rates and tax breaks - Approval of the House and Senate is required
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