Giulio Tremonti Italian politician Date of Birth: 18.08.1947 Country: Italy

1. Early Life and Education
2. Political Career
3. Economic Policies
4. Writings and Current Role

Early Life and Education

Giulio Tremonti was born on August 18, 1947, in Sondrio, Northern Lombardy, Italy. He earned a law degree from the University of Pavia and served as a professor of law there. He was also a visiting professor at the Institute of Comparative Law, Oxford.

Political Career

Tremonti's political career began when he was elected to the Italian Parliament in 1987 as a member of the Italian Socialist Party. In 1994, he was elected as part of the center-right electoral coalition, Pact for Italy. Following the parliamentary election, he joined the right-wing party Forza Italia and became Minister of Finance in Silvio Berlusconi's first government.

Tremonti served as Minister of Finance again from 2001 to 2004, when Berlusconi returned to power. He resigned due to internal divisions within the House of Freedoms coalition and the National Alliance. In late 2005, he was appointed to the position for a third time after Domenico Siniscalco resigned amid tensions within the ruling center-right coalition.

In 2008, Berlusconi returned to power after the general election, and Tremonti once again became Minister of Economy and Finance.

Economic Policies

During his tenure, Tremonti implemented Italy's first and deepest personal income tax cuts by introducing the No-Tax-Area in 2003 and decreasing the top tax rate in 2005. He also significantly reduced the corporate tax rate (from 36% to 33%; currently 27.5%) and abolished taxes on reinvested profits. Tremonti eliminated inheritance, gift, and, most notably, property taxes on primary residences nationwide.

However, the Organisation for Economic Co-operation and Development (OECD) concluded in its 2007 report that "tax rates (in Italy) are high compared to other countries."

Writings and Current Role

Tremonti has written extensively on taxation and international trade. His work has explored topics such as the growth-dampening effects of high taxes and how fiscal federalism can foster tax competition between regions, leading to reduced burdens on families and businesses.

He has also criticized the dumping policies of Chinese manufacturers, which have contributed to the relocation of jobs from Europe to Asia. Despite this, he has delivered important lectures at the Central Party School of the Communist Party of China (CPC).

Tremonti is currently a contributing columnist for the newspaper Corriere della Sera.