Israel Political Brief July 30, 2012: Government Approves Massive Tax Hikes, Spending Cuts

ISRAEL POLITICAL BRIEF

ISRAEL POLITICAL BRIEF: ISRAEL NEWS

Gov’t Approves Massive Tax Hikes, Spending Cuts

The government on Monday passed a sweeping measure to tighten Israel’s belt at a time when the world is facing another financial crisis.

Source: Israel National News, 7-30-12

Netanyahu at Cabinet meeting.

Netanyahu at Cabinet meeting.
Flash 90

The government on Monday passed a sweeping measure to tighten Israel’s belt at a time when the world is facing another global financial crisis.

With a vote of 20 to 9, the Cabinet approved a package of austerity measures designed to raise some NIS 14.15 billion within a year, and reduce the budget deficit by 1.5 percent. Voting against the package were the  Independence and Shas parties, as well as Likud Social Services Minister Moshe Kahlon.

The measures include raising taxes, increasing fines and cutting budgets….READ MORE

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