Italy Unveils 2024 Budget with Tax Cuts and Spending Boost Despite Rising Deficit

Italy unveiled a 2024 budget with 24 billion euros in tax cuts and spending, raising the deficit to 4.3% of GDP.

The budget extends social contribution cuts and introduces a single income tax rate of 23% for those earning under 28,000 euros.

It allocates 1 billion euros to address Italy's demographic crisis, including removing social contributions for working mothers.

Pension spending rises, with tweaks to allow early retirement. The state pension bill is projected to hit 17% of GDP by 2042.

Separate decrees implement a global minimum corporate tax rate of 15% from 2023, potentially raising 2-3 billion euros.