Italy's parliament has finally approved the 2025 budget just days before the year-end deadline, a major victory for Prime Minister Meloni. Meloni and his finance minister, Giorgetti, worked together to craft a package of tax cuts designed to win over voters while adhering to European Union fiscal rules. The government plans to reduce the national deficit to 3.3% of GDP next year and below the 3% cap mandated by the European Union in 2026. Among the last-minute tweaks made to the budget were decisions to maintain the cryptocurrency tax rate at 26% in 2025 and raise it to 33% in 2026 instead of the 42% originally proposed. The Italian prime minister's promise of tax cuts for low- and middle-income earners has helped cement his rule, but it also means a slower return to fiscal soundness by European Union standards.