A month after its settlement, the first move of the new Meloni Government is the Budget Law, a manoeuvre that will require a public expense of 35 billion euros. The law involves various points that were major themes during the election campaign, becoming the starting point for the agreement in the Chambers.
The Prime Minister, during the press conference, talked about a Budget Law made of "political choices" and "bravery", focused on two main themes: "growth, to secure the productive fabric" and "social justice, therefore the attention to families and lower incomes".
What is a Budget Law?
The Budget Law ("Legge di bilancio" in Italian) is an advance accounting document of the Italian Republic within which the Italian Government approves its balance for the following year based on laws in force.
Before being enforced, the budget is discussed between the Italian Government and Parliament and then submitted to the European Institution's control. Usually, after being approved in its final version by December 31st, it becomes effective on January 1st of the following year.
It refers to Article 81 of the Italian Constitution, which disciplines the State budget, an accounting document counting the public's expenses and revenues for a defined time frame.
The article refers primarily to a budget, the following year's cost breakdown of the State's revenue and expenditures. It also provides a final balance sheet, the accounting document which contains the past year's cost breakdown, drawn up at the end of the accounting year.
What are the elements of a Budget Law?
The budget highlights various aspects of the uses and expenses of the Nation and their final allocation. The budget breakdown reveals the following voices of expenses: deficit (concerning the net budget), deficit cover by loans, special budget allocations, expenses for Public sector contract's renewal, appropriations to meet the objectives of current laws, and long-term spending predictions.
What is inside the new Budget Law?
The allocation of public expenditure is in different areas, from citizenship income modification to taxation changes, along with revisions on retirement age and measures on gender equality.
Speaking about the largely debated citizenship income, Prime Minister Meloni discussed further revisions for what she considers a bad system in today's form: "the State cannot care for citizens from 18 to 60 years old", she stated. The citizenship income will completely disappear in 2024, and by the approbation of the Budget Law till the end of 2023, it will go from today's 12 months to 8 months, with the abrogation in case the recipient refuses an allocation more than once.
The most consistent part of the budget allocation goes to tax imposition reductions and bill relief for Italian families. According to the Prime Minister's statements, 21 of the 35 billion euros earmarked are for energy-related measures
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