On 9 November 2026, the preliminary hearings on the 2027 budget law began in Montecitorio before the joint budget commissions of the House and Senate. The most important intervention was certainly that of the Court of Auditors, which lined up a series of findings on the Maneuver.
The Irpef cut for the range between 50,000 and 55,000 euros is valid only for 2027, most of the benefits last one year, and around 70% of the expected increased revenue is not structural in nature. Also under scrutiny is the crackdown on the revaluation of pensions and the choice to spread the remaining Superbonus credits into 10 instalments.
On the same day, the general secretary of the CGIL, Maurizio Landini, delivered a clear rejection of the budget law.
Maneuver 2027: hearings underway
The hearings take place before the joint budget committees of the House and Senate. It is the preliminary phase of the parliamentary examination of the budget bill, during which institutions, associations and categories present their evaluations on the text approved by the government.
The observations collected will obviously be able to guide changes to the text during its passage through Parliament.
Irpef cut between 50,000 and 55,000 euros
The first chapter concerns taxes. According to the Court of Auditors, the reduction of the marginal rate in the income range between 50,000 and 55,000 euros “accentuates the irregular trend of the effective marginal rates”, determining “a profile of the marginal rates that is difficult to reconcile with an orderly design of the progressivity of the tax”.
The measure is also temporary. In fact, from 2028 the rate of 43% will return for incomes between 50,000 and 55,000 euros, with an increase in the levy up to 500 euros for the same income. In 2027, however, the benefit will be “maximum and equal for all taxpayers with an income exceeding 55 thousand euros, including those with the highest incomes” (in absolute value).
Generally speaking, “the now categorical nature of Irpef” is confirmed, with:
- rates differentiated by type of income;
- accentuated differentiation for self-employed workers (half of whom can opt for the flat-rate regime).
According to the Court, the growth of replacement regimes “restricts the scope of the principles of all-inclusiveness and progressivity”. The tax therefore takes on “the characteristics of a dual system, with progressive rates effectively limited to income from employment and pensions”.
Pensions, the revaluation by bands creates uncertainty
The social security chapter is also under the Court’s lens. With the return to the band mechanism in the revaluation of pensions, the Maneuver “makes the choice to reintroduce a more penalizing system for medium and medium-high pension payments”, which “feeds a framework of uncertainty about the real value of a pension years after retiring from work”.
While recalling that this system has “passed the scrutiny of the Constitutional Court”, the accounting judiciary hopes for “less uncertain mechanisms”, capable of guiding the consumption and investment choices of pensioners.
It was then recalled that since 2012 there have been successive interventions to compress the revaluation of medium-high pensions, which have progressively reduced their purchasing power. A decidedly important effect in the presence of strong increases in inflation.
Benefits concentrated on 2027
The Court recognizes the Budget as having a positive effect of “moderate redistribution of resources to combat poverty and support income from work and health spending”. At the same time, he underlines “the concentration of a large part of the facilitation interventions only on the next financial year”.
In fact, the Meloni Government leaves “the task of deciding whether or not to renew the measures to the next Parliament”. Among the short-term interventions the Court cites:
- the reduction of the Irpef rate;
- the extension of tax breaks on contractual increases, bonuses and shifts;
- the voucher for the elderly;
- reducing the tax burden on young people;
- the confirmation of some building bonuses;
- the coupons provided for commercial property rental contracts.
Hedging: 70% of increased revenue is non-structural
The same logic was applied for revenue. In fact, only a part has a structural character, it is highlighted. Here is the composition for 2027:
| Type of entry | Share of the 2027 total |
|---|---|
| Permanent income | about 30% |
| Temporary revenue | about 25% |
| Revenue advances, destined to translate into lower revenues in subsequent years | about 45% |
In fact, we can talk about approximately 70% of the increased revenue being made up of temporary measures or revenue advances. The country would instead need different measures, which can direct and encourage subsequent maneuvers.
Banks and energy: Largely temporary withdrawals
A specific passage concerns the contributions requested from the financial and energy sectors. According to the Court, in fact, the measures imposed on banks, insurance companies and energy companies “are largely temporary or merely anticipatory in nature”.
Around 5.2 billion euros are expected for 2027, but over 2.3 correspond to anticipated revenue. Only the IRAP deductibility of banks and insurance companies is structural in nature. Repeatedly using temporary sectoral levies, the Court notes, “reduces the predictability of the tax system for the subjects concerned and does not allow such revenues to be relied upon to cover permanent burdens”.
Businesses and Superbonus in 10 installments: the effect on liquidity
Finally, speaking of businesses, the Court considers the tax and contribution measures for productive activities, self-employed workers and the agricultural sector to be “a concrete signal of attention”. These intervene on the taxation of small businesses, supporting employment and encouraging investments in innovation.
However, it’s not all roses and flowers, on the contrary. In fact, attention is drawn to liquidity, especially of smaller companies. In fact, most of the real financial benefits will be concentrated in 2028, as a result of the balance and advance payment mechanisms. On the contrary, the choice to spread the residual Superbonus credits into 10 annual installments, until 2036, “will lead to an immediate contraction of liquidity” for those who hold these credits, protecting the State’s balances but transferring the burdens to subsequent years.
