Bloomberg News

Monti Says Wealth Tax Risked Producing Capital Flight From Italy

December 13, 2011

Dec. 13 (Bloomberg) -- Italian Prime Minister Mario Monti said his government dropped plans to introduce a wealth tax after determining that it risked triggering capital flight and wouldn’t produce a significant increase in revenue.

The government’s reintroduction of a property tax on primary residences and an increase in the levy on Italians who benefitted from an amnesty on evasion would have a similar effect as a wealth tax, Monti said in testimony to the parliament in Rome today.

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