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Italy PM Renzi Cuts Taxes For 10 Million Low Earners

wochit politics
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April 18, 2014 AT 11:23 AM
Italian Prime Minister Matteo Renzi on Friday cut taxes for 10 million low earners to try to boost household spending after a two-year recession, making good on a promise he made after taking office two months ago. Renzi's cabinet passed a decree to reduce taxes for those earning between 8,000 and 26,000 euros a year by about 80 euros per month, starting next month. The 6.9 billion euros in tax cuts will be funded by a mix of spending reductions, one-off windfalls and a "review" of spending on Lockheed Martin's F-35 fighter jet, Renzi told reporters.