DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Italy delivers tough new mix of tax increases and spending cuts to close budget gap

**Amirmsheesk** · 08-13-2011, 06:13 AM

How long until America has to undergo "austerity measures"? Not much longer, I think.

Too bad our leader's heart doesn't "bleed" when he increases taxes. Our leader's heart leaps with joy at the thought of a tax increase!

**** rich people!!!

http://www.reuters.com/article/2011/...77B0OP20110812

UPDATE 4-Italy delivers tough austerity measures

Fri Aug 12, 2011 6:10pm EDT

* Cabinet adopts 45.5 bln euros in budget measures by 2013

* Special levy on high earners, financial tax rise

* Accelerated deficit cuts imposed by ECB

* Berlusconi says tax increases make his heart bleed

By James Mackenzie and Gavin Jones

ROME, Aug 12 (Reuters) - Prime Minister Silvio Berlusconi announced a painful mix of tax increases and spending cuts on Friday to meet European Central Bank demands for action on shoring up Italy's strained public finances.

At an emergency evening cabinet meeting, the government adopted an austerity package worth 20 billion euros in 2012 and a further 25.5 billion euros the following year to bring the budget into balance in 2013.

The measures ranged from a special levy on incomes above 90,000 euros to higher taxes on income from financial investments and cuts in the cost of government, notably through a cull in the number of local politicians.

The ECB demanded accelerated deficit cuts from Italy as a condition for buying its bonds on the market after a sell-off sent Italian borrowing costs soaring and threatened to put the euro zone's debt crisis on a new, unmanageable plane.

08-13-2011, 06:13 AM	#1
Amirmsheesk Join Date Oct 2005 Posts 530 Senior Member	Italy delivers tough new mix of tax increases and spending cuts to close budget gap How long until America has to undergo "austerity measures"? Not much longer, I think. Too bad our leader's heart doesn't "bleed" when he increases taxes. Our leader's heart leaps with joy at the thought of a tax increase! ** rich people!!! http://www.reuters.com/article/2011/...77B0OP20110812 UPDATE 4-Italy delivers tough austerity measures** Fri Aug 12, 2011 6:10pm EDT * Cabinet adopts 45.5 bln euros in budget measures by 2013 * Special levy on high earners, financial tax rise * Accelerated deficit cuts imposed by ECB * Berlusconi says tax increases make his heart bleed By James Mackenzie and Gavin Jones ROME, Aug 12 (Reuters) - Prime Minister Silvio Berlusconi announced a painful mix of tax increases and spending cuts on Friday to meet European Central Bank demands for action on shoring up Italy's strained public finances. At an emergency evening cabinet meeting, the government adopted an austerity package worth 20 billion euros in 2012 and a further 25.5 billion euros the following year to bring the budget into balance in 2013. The measures ranged from a special levy on incomes above 90,000 euros to higher taxes on income from financial investments and cuts in the cost of government, notably through a cull in the number of local politicians. The ECB demanded accelerated deficit cuts from Italy as a condition for buying its bonds on the market after a sell-off sent Italian borrowing costs soaring and threatened to put the euro zone's debt crisis on a new, unmanageable plane.
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