Netanyahu promises dramatic tax cuts

Benjamin Netanyahu: The tax cut will lead to everyone paying about 20% less than what they pay today.

Likud chairman Benjamin Netanyahu claimed today that he will "dramatically" cut personal and corporate taxes if elected.

At an annual conference of the Manufacturers Association of Israel, Netanyahu said, "Over the course of four years, we will lower the top personal tax rate from today's 46% to a level of 35%, and we will lower the top corporate tax rate from 27% to only 18%."

His comments were met with wild applause.

Netanyahu added, "The tax cut will be spread over the entire term, and lead to everyone paying about 20% less than what they pay today".

Netanyahu warned that Israel's citizens don't understand how deep the economic crisis is, and promised that his first goals, if elected as Prime Minister, will be to protect jobs, savings, and what he termed the economic health of companies.

He outlined several steps in order to "brake, turn, and takeoff". The steps, besides tax cuts, range from dealing with the credit crunch, to lowering the components of the government's expenses "electricity, water, ports, and the Airports Authority". The implication was privatization and reform.

Published by Globes [online], Israel business news - www.globes-online.com - on January 22, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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