Draghi Cuts Taxes, Raises Pension Age in His First Budget

Italian Premier Mario Draghi’s government has set aside 12 billion euros ($9.3 billion) to cut taxes on income and businesses as part of a larger plan to boost long-term growth.

The cabinet approved the 2022 budget on Thursday which included the proposed tax reductions. About 8 billion of that will go towards the actual tax cuts on people and businesses, including the so called tax wedge, or the difference between what employers pay and what employees see in their pay slips. The rest will be cuts to other taxes.

The government also raised the age required to retire, a ...