Steinitz on tax hikes: We don't have The Fed to save us

Finance Minister Yuval Steinitz warned that if the Israeli economy collapses, it does not have access to the bailout funds that have kept European and US companies and governments afloat, defending the tax hikes and budget cuts the cabinet will vote on later Monday.
"We don't have the US Federal Reserve or the European Central Bank," Steinitz told Israel Radio.The cabinet will vote Monday on whether to increase income tax for above-average wage-earners and raise the value-added tax by 1 percentage point to 17 percent.
The moves are part of a series of steps the government says will boost state revenues by NIS 14 billion next year.
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