Italian leader announces economic reforms

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Associated Press

Posted on March 12, 2014 at 3:01 PM

Updated Wednesday, Mar 12 at 3:03 PM

MILAN (AP) — Italian Premier Matteo Renzi has announced a sweeping package of economic reforms that includes relief for workers and businesses to help prepare Italy for structural reforms to boost the ailing economy.

Renzi on Wednesday announced cuts in payroll taxes that he said will put 1,000 euros ($1,400) a year back into the pockets of 10 million Italians who take home 1,500 euros or less a month. For businesses, he pledged a 10 percent tax cut and 10 percent cut in energy costs.

Renzi told a news conference in Rome "there has never been a reform course so meaty and significant."

He also announced money to fix decaying school buildings, to create jobs for young people and to impose higher taxes on investment earnings.

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