Knesset passes Trajtenberg tax recommendations

Unanimous passage of first law based on Trajtenberg Committee report increases taxes on wealthy, provides tax credit for fathers of young children.

By JPOST.COM STAFF
December 5, 2011 20:29
1 minute read.
Knesset vote

Knesset 521. (photo credit: Marc Israel Sellem)

 
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The Knesset unanimously passed the second and third readings of a law based on the tax recommendations from the Trajtenberg report Monday night.

It was the first law to pass based on the report of the Trajtenberg Committee, established following the massive socioeconomic protests of the summer.

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The major elements of the law - representing one section out of the report's four - include a two percent tax reduction for low-income earners, an increase of the corporate tax to 25%, providing tax credits for fathers of children under the age of three and a 2% income tax increase for those earning over NIS 1 million a year.

On Sunday, the cabinet was expected approved a string of measures to bring down living costs, including opening the country’s cement market to competition. The cabinet did vote to removing taxes on Internet purchases of up to NIS 1,000.

A statement put out by the Prime Minister’s Office on Saturday evening said the next phase of the recommendations would  also work to supervise the price of dairy products and eggs, strengthening the Antitrust Authority to give it more effective tools to “monitor deviations in the economy," increasing the number of bodies providing public transportation to reduce prices, reducing the price of natural gas for homes and increasing competition in the fuel market.

Herb Keinon contributed to this report.

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