The Finance Ministry on Wednesday said that a proposal to tax owners of multiple homes, a tax on the rich that would ease strain on the budget, was not feasible.
Media sources reported that the new proposal had been put on the table to tackle several tough problems. For one, it would bring in NIS 2.5 billion of revenues without touching the middle class. For another, it would deter investment in real estate, which is one source of ever-increasing housing prices.
According to Globes, the proposal would have charged owners a 2.5% tax on their third apartments, or a flat NIS 10,000 fee.