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Privileged segments of society needing least or no help benefit most. Others bear the burden. It works the same way in America and other Western societies.
Israel's corporate generosity remains effective for one year. Expect renewal on expiration. Benefits include lower tax rates and avoiding them entirely on dividends called "trapped profits."
One final hurdle remains. The measure first goes to Knesset Finance Committee members for approval. Second and third full body readings follow before becoming law.
Expect little opposition. Nonetheless, Labor Party chairwoman Shelly Yacimovich called corporate tax cuts "unconstitutional and illegal." For sure they're unfair.
"Will the prime minister collect the tens of billions that ought to be collected by law, or will he place another tax on the weak sectors," she asked?
Meretz Party chairwoman Zahava Gal-On also objected. She called the bill "robbery in broad daylight." It changes the rules of the game and "redefines the concept of equality and justice."
Israel began doing it decades ago. Social injustice hits hard. Gal-On added:
"These corporations owe millions to the state, but because they are wealthy enough, and because Netanyahu and Steinitz are standing before an ever-growing debt, which they are responsible for, they are willing to accommodate them."
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