Saturday, 13 July 2013

Problems in Italy Go On (and On and On); Coalition on Verge of Collapse, Every Economic Statistic Heads Wrong Way

By Mike "Mish" Shedlock

With a fragile coalition that is barely hanging on by a thread, a new battle over tax hikes and a stick it to the rich mentality is about to set in.

Needing revenue to meet its budget deficit targets, Italy's Finance Undersecretary Says Budget Crunch May Require More From Rich.
Italian Finance Undersecretary Pier Paolo Baretta said the government is considering shifting the tax burden to the wealthy in order to satisfy demands for broad-based fiscal easing and meet its 2013 deficit target.

“The truth is we’ve got a real bottleneck of issues to deal with” this year, Baretta said yesterday in an interview in his office in Rome. In order to raise funds, Italy is seeking spending cuts and may limit the tax deductions higher-income households take on medical visits and other expenses, he said.
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