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Steinitz: Labor would make economy worse than Spain's

By NIV ELIS, NADAV SHEMER

DECEMBER 30, 2012 19:17

Finance Minister Yuval Steinitz derided Labor Chairwoman Shelly Yacimovich’s economic policy on Sunday, calling it a “plan of economic destruction” that would turn Israel into another Spain.

“Take Shelly Yacimovich’s plan, put it in place, and the Israeli economy will look like Spain’s and even worse,” Steinitz said in an interview with The Jerusalem Post. “Those naive suggestions will ruin the Israeli economy.”

Specifically, Steinitz called out the Labor leader for proposing an increase in the corporate tax rate to 30 percent. He said that if multinationals like Intel and Teva are stripped of incentives which see them pay taxes as low as 6-12% on activities in the periphery, they will stop investing and “some of them will even leave the country in two to three years.”

Current corporate tax rate is around 25%, but companies get tax breaks to encourage them to work in the periphery.

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