As Republican US presidential hopefuls Herman Cain and Rick Perry urge Americans to revisit the arguments for flat taxes, Israel’s right-leaning government took another step toward tax hikes for the uber-rich on Sunday.
The Tel Aviv-based Ha’aretz newspaper reported that the Cabinet had agreed to proposals put forward by an independent committee, which include raising revenues on stock market profits and corporations.
To the casual observer, the plans bear more than a passing resemblance to President Barak Obama’s ‘Buffett Rule’.
Prime Minister Benjamin Netanyahu hopes the legislation, set to go before the Knesset later this year, will quiet the voices of millions of Israelis who took to the streets over the summer. The protesters came together from a range of religious and socio-economic backgrounds to demonstrate against the high cost of living and the deterioration of public services such as health and education.
Ha’aretz’s editorial writers suggest he’s on to something –
“The summer’s protests proved to the public that it has the ability to emerge from its passive, submissive state and take to the streets, to fight and to affect the socio-economic agenda.”
Latitude News wonders whether Israel’s so-called ‘one percent’ will feel the same sense of satisfaction.