Knesset approves tax increases, spending cut in 1st reading

The Knesset passed the "shrinking the deficit bill" in its preliminary reading on Monday, which comprises a package of tax increases and spending cuts.
Forty MKs voted in favor of the bill, while 27 opposed it.
Earlier Monday the government scaled back the extent of its tax hikes, deciding on a 1% increase for those making over NIS 14,000, instead of those earning over NIS 9,000, as was previously announced, Israel Radio reported.
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