Italian government led by Prime Minister Giorgia Meloni Next year’s budget law was passed by Congress just in time for New Year’s Eve.
Rome’s lower house of parliament (the larger of the two chambers) voted in favor of the budget on Friday with a right-wing majority.
The budget bill includes tax cuts for pensioners and low-income earners. Financial measures to support families and additional funding for the health system are also planned.
The Senate and Senate had already approved the bill a week ago. In the House of Commons, 200 members voted in favor of the budget, while 112 opposed it.
Italy’s constitution still stipulates that a budget must be approved by both houses of parliament before the end of the year.
One of the focuses of the 2024 budget is reducing income tax rates. Starting next year, the tax rate will be 23% on annual incomes up to 28,000 euros ($30,950), 35% on annual incomes up to 50,000 euros, and 43% on incomes over 50,000 euros.
The budget also includes tax cuts for pensioners.
Additionally, women with at least two children will be taxed more favorably. Kindergarten becomes free for the second child.
Tax cuts were a key election promise of Meloni’s right-wing coalition, which has been in power since October 2022.
Expenditures in 2024 are expected to increase by 28 billion euros, of which around 16 billion euros will be financed by additional deficits. Italy has one of the highest debt ratios in the world.
Experts and trade unions criticized the government’s advance measures as an electoral gift. Instead of pursuing tax cuts and cost cuts based on campaign promises, he argued for increased investment in areas such as education and industry.
