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Israel Eyes Tax Cuts for High Earners, Cuts to Child and Periphery Benefits
Israel's Ministry of Finance is preparing a tax reform package to lower income taxes for high earners, including over 800,000 professionals. To compensate for lost revenue, the plan proposes cutting child tax credits and benefits for residents of peripheral areas.
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What happened
- 01Israel's Finance Ministry plans tax cuts for over 800,000 high earners, including tech workers and doctors.
- 02The reform proposes reducing child tax credits and peripheral area benefits to offset revenue loss.
- 03The tax cuts would primarily benefit professionals earning between 25,000 and 53,000 shekels monthly.
- 04Current tax rates for high earners are considered excessive compared to other developed nations.
- 05Officials acknowledge potential public backlash against eliminating popular tax benefits.
The recommendations aim to be released before a new government is formed to highlight their professional, non-political nature. Officials acknowledge that eliminating popular benefits may face political challenges.
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