Israel's middle class to feel the brunt of Lapid's 'budget of hope'
The 2013-2014 budget includes a 1.5 percent increase in come tax rates, a NIS 7 billion cut in government spending for the remaining year and a rise in VAT.
The Finance Ministry released the 290-page 2013-2014 budget on Tuesday, calling it a “a budget of hope.” The most onerous items include a 1.5 percent increase in income tax rates, a NIS 7 billion cut in government spending in the remaining months of 2013 and another NIS 18 billion next year. VAT will rise 1 percent in June and children’s allowances will be cut to NIS 140 a month per child.
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