Negative income tax plan unveiled

Finance minister introduces plans for pensions, tax on car leasing.

By JPOST.COM STAFF
January 29, 2007 00:22
Negative income tax plan unveiled

hirchson 298.88. (photo credit: Ariel Jerozolimski [file])

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

Finance Minister Avraham Hirchson presented on Monday his plan for reform of car-usage taxes and a proposal to implement a negative income tax system, as well as a plan to guarantee pensions for all employees. Hirchson, at the end of last year, appointed a committee to examine the value of company cars leased by employees in response to a proposal by Finance Ministry tax experts to raise the assessed value of leased cars. By doing so, tax authorities will be able to collect a higher taxes from employees who take advantage of this popular company perk. A negative income tax is expected to increase available income for citizens and boost participation in the workforce. "I chose negative income tax based on the understanding that the war on poverty will succeed only when participation in the workforce is significantly increased," Hirchson said at the Herzliya Conference last week. "This is not a simple step; its budgetary cost is high; it obligates tens, even hundreds, of thousands of citizens, but I believe it is just and correct."

Related Content

Jisr az-Zarq
April 3, 2014
Residents of Jisr az-Zarqa beckon Israel Trail hikers to enjoy their town

By SHARON UDASIN