Mario Draghi he had specified the frame. The tax reform, he explained, will be designed on the basis of the objectives to be achieved. And yesterday, in the Finance Committees of the Chamber and Senate, Economy Minister Daniele Franco outlined the objectives that the tax reform that the government is preparing to approve will have to pursue. The main ones are economic growth and full employment. Therefore, Franco explained, a particularly important element will be «the question of tax wedge», That is« the taxation of labor, in particular in some parts of the curve where the marginal but also average rates for some workers are particularly high ». The goal in practice is to increase the net payroll of workers. Issue on which past governments intervened with the Renzi bonus of 80 euros, which was then raised to 100 euros and extended to incomes up to 40 thousand euros.
Taxes, IRAP “no longer justifiable”
The second central point of the reform, the Minister of Economy explained, will be IRAP, a tax that is now “no longer justifiable”. In this Franco found fertile ground in the Commissions, in whose final document sent to the government it is requested that the regional tax on productive activities be merged into the IRES. VAT will also enter the building site of the reform. Franco explained that it is not the government’s intention to increase it. “Maybe”, explained the minister, “a rationalization of the number of tax rates and also a recomposition of the goods of the various categories, yes, but which should not be associated with an increase in the overall levy”.
A topic which had also been discussed in the past in the context of the rationalization of the so-called tax expenditures, tax expenses. But passing some goods from a lower to a higher rate has always obviously met with opposition from the producers and sellers of the goods affected by the reform. After all, Franco himself had to acknowledge that also proceeding with the revision of fiscal expenses will not be easy precisely because of the “political cost” that the choice of repealing one deduction rather than another entails. The other element indicated as a priority by the minister are simplification actions. That must be “started quickly” and, more generally, “everything that does not have a cost to public finances should be carried out immediately”.
Yes, because the problem of the delegated reform law that the government is preparing is precisely this: money. At the moment it is not possible to know how many resources the reform will have. But Franco has a certainty: it cannot be financed in deficit. With a debt of 160% of GDP it is not possible. Therefore the funds will be found from time to time by the rationalization of spending and the fight against tax evasion and financed in the budget laws. Indeed, Franco was decidedly incisive on the need for spending cuts. “To reduce the tax burden in a structural way”, he explained, “it is necessary to act at the same time to contain the incidence of public spending on GDP”. Therefore, for the cut in spending it must precede that of taxes. And in this sense, the one outlined by the minister will be a “gradual” reform. Made for baby steps.
Precisely for this reason Franco did not go too far on the most delicate point of the project: the cut of the personal income tax rates. The best would be to lower the rates for all, obviously respecting progressivity. Once this principle has been established, Franco said, the “delegated legislator” will choose between the technical solutions, that is, between the reduction of the brackets or the continuous German-style tax rates. But this, he reiterated, can only be done when there are resources available. On one thing, however, the minister wanted to be clear: in the enabling law, that Mario Draghi he explained it will not arrive next week, there will be no assets. In the Italian tax system, he recalled, there are already forms of taxation of assets (think of the Imu). The minister then confirmed that the government expects GDP growth of 5% for this year. But, Franco warned, “there is a risk of variants”. Finally, on the 110% Superbonus, he reiterated that the possible extension to 2023 will be decided only in September, after an evaluation of the results achieved up to that moment by the incentive.
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