Progressive tax reform is needed in
Italy, Bank of Italy Governor Ignazio Visco said in his last
annual report Wednesday, appearing to take aim at the
government's plans for a flat tax.
"The growth capacities of our economy are burdened by a complex
tax system, on which there has often been interventions without
an organic design," he told an audience of top business and
financial figures.
"A taxation that reduces the weight of taxation on the factors
of production can stimulate employment and investments.
"No intervention can realistically disregard the constraints
imposed by our high public debt nor by the principles of
progressiveness and contributory capacity sanctioned by the
Constitution", he said.
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