Italy doubles "wealthy foreigner" flat tax

[Rob Ray]

Interesting one this, Meloni struggling to reconcile grubbing for the wealthy while also posing as a protector of the little guy.

Italy doubles tax for wealthy foreigners

The underlying problem, as identified by the Italian public, is that by undercutting the rest of Europe on financial incentives for the very rich to come to Italy they'd inadvertently brought the buying habits of the very rich with them - leading to masisve house price inflation and the grabbing of every available asset.

The current €100,000 tax incentive, while popular with wealthy individuals, has been controversial among Italians, especially in the business capital Milan, where the recent influx of the super-rich has been blamed for a sharp increase in real estate prices and other rises in living costs.
Finance minister Giancarlo Giorgetti, who on Wednesday referred to the levy as the “so-called flat tax for the billionaires”, said at a press conference that the increased levy was still set at a level that would remain “interesting” to wealthy foreigners.
He later clarified to the Financial Times that the higher levy would only apply to people taking up tax residency in Italy from now on, and not those that had already moved there.
Rome also wanted to avoid a race to the bottom with other nations in trying to lure individuals and companies through tax breaks.

The buying splurge filters through every level of society, as the merely local rich get priced out, displacing their buying habits downwards, etc etc.