The budget maneuver becomes maneuverable and rises from 30 to 36 billion euros, of which 18 will be from lower taxes. We are facing the largest expansive maneuver and the largest tax cuts that have been seen in recent times in Europe. With this maneuver, while respecting the European parameters, the Renzi government retires the austerity policy that has brought Italy and Europe into recession.
The tax cut, which is the heart of the Stability Law, provides for the doubling of the IRAP cut in its labor component up to 6,5 billion euros and, obviously, the confirmation of the 80-euro monthly reduction in personal income tax for less well-off employees. The spending review will amount to 15 billion and will implement at least in part the suggestions of Commissioner Cottarelli who will leave his office at the end of October to return to the Monetary Fund. Finally, three billion will be raised with a tighter fight against tax evasion.
The maneuver confirms the three-year tax relief for companies that hire on permanent contracts and above all the severance pay operation starting from the second half of 2015: this operation, supported by Prime Minister Renzi, was made possible by the go-ahead of the 'Abi who will finance the companies that will have to advance the severance pay to the workers who want it.
