Italy proposes decrease of income tax from 2013

Government of Italy has proposed to decrease from 2013 the income tax rate for those earning up to €15,000 euros ($19,300) a year by one percentage point, to 22%, while for those earning between €15,000 and €28,000 a year, the rate would be trimmed one percentage point to 26%.

The higher three income-tax brackets will be unchanged. The government also said it would—as expected—raise the value-added tax next July, but only by one percentage point rather than the planned two percentage points.

-The Wall Street Journal