2013 Ushers in Higher Taxes for Israelis - Worse Yet to Come

Without a budget, government spending will effectively go down, too, thereby doubling the squeeze on Israelis' pocketbooks.

The real pain in the pocketbook won't be felt by the average Israeli until long after the January 22 election, when the next government is forced to close a gaping hole in next year's budget with higher taxes and reduced spending.