Israeli Treasury Rescinds NIS 3.8 Billion of Tax Hikes, Benefit Cuts

Last-minute reversal comes as Knesset Finance Committee begins voting on Israel's state budget; tax and allocation shuffle will partly compensate for cancelation of unpopular measures.

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Moments before the Knesset Finance Committee began voting on Wednesday on provisions in the 2013 and 2014 national budget, the Finance Ministry rescinded some of the legislation's most controversial measures,...