Posted on 03/05/2009 2:05:55 AM PST by beagleone
Prime Minister-designate Binyamin Netanyahu said Thursday that he intends to lower taxes this year, despite the global economic crisis and the sharp drop in income tax revenue. Against the Treasury's and Bank of Israel's recommendations, he said he will put into action a series of processes, as soon as he becomes prime minister, most likely in the coming two weeks.
The first step, Netanyahu said, will be lowering income tax for low and medium income earners, and corporate tax for small business, in an effort to boost the private sector and encourage consumer spending.
He specifically promised help for factories and businesses in the Negev and the Galilee.
(Excerpt) Read more at jpost.com ...
Exactly. And after the economy improves and then surges, the media will spring into action and ignore it.
How hard is it to figure out that it’s better for the government to be broke than for the country to be broke?
I hope Rush talks about this.
In other news:
India Announces More Tax Cuts
TaxNews
Wednesday, February 25, 2009
Lorys Charalambous
http://www.tax-news.com/asp/story/India_Announces_More_Tax_Cuts_xxxx35314.html
Indian Finance Minister Pranab Mukhejee has announced a third package of tax cuts as the government attempts to provide further stimulus to the Indian economy amid the global slowdown.
During a debate on the recently-announced interim budget, Mukhejee informed the lower house of parliament, the Lok Sabha, that the government has “some flexibility” to cut taxes, particularly in the area of excise taxes and duties, with the intention of boosting trade.
“Even though the signals are encouraging, the full impact of the recession in other parts of the world specially Europe and Asia is yet to unfold. Due to the strong export linkages with these economies, it is likely that the Indian economy may feel further impact in coming months,” the Finance Minister observed.
Under the latest tax cut package, the central excise duty will be cut from 10% to 8%, and extended beyond March 31, 2009. The rate of central excise duty on bulk cement will also be cut, from 10% or INR290 per tonne (approx USD5.83), whichever is higher, to 8% or INR230 per tonne, whichever is higher. The rate of central excise duty on goods currently attracting ad valorem rates of 8% and 4% will be retained.
In addition, the rate of service tax will be reduced from 12% to 10% on taxable services in line with the government’s ongoing objective to harmonize value-added tax and the service tax into the uniform goods and services tax.
Other tax measures announced by Mukhejee included the removal of basic customs duty on the import of naptha for use in power generation, and an amendment to the Income Tax Act to iron out an anomaly in tax treatment for companies having units located in both Special Economic Zones and Domestic Tariff Areas.
How hard is it to figure out that it’s better for the government to be broke than for the country to be broke?
Profound comment of the hour. Well done, not in the meat sense.
Tweak. Take that, Ohhbama! Swat. And that! Kick in groin. And that! Punch! You too, Hilldog. Push! You too, Pedosi. Gouges eyes! And you Harry Greed. Peeing on all! And all you liberal/socialist/democrat bootlickers. Soon we will see what works, will we not?
Hey, lets give credit where credit is due. Nice going India and Israel.
And now tell us how you really feel.
I think Israel edges out India on props because they’re going to take care of Iran for the world. Don’t hold your breath for Obama to do it.
Since you don’t have to be “natural born” to get elected President over here, I say let’s have Bibi on the Republican ticket with Shara as his VP come 2012.
Liberal or Conservative?
Against the Treasury’s: Liberal
Bank of Israel’s recommendations: Liberal
Jerusalem Post: ?
Netanyahu even has a picture of Winston Churchill on his desk.
ISRAEL ECONOMY IMPROVES
Palestinian women, children, see no benefits
Actually, I think it shows he’s willing to buck the trend. It’s a compliment. The paper is editorially pro-Netanyahu as opposed to the alternatives.
He needs to establish Jerusalem as the capitol of Israel as well as take back the Temple from the Palestinians.
You got it.
Seriously, though, this should be, as Rush calls it, a teachable moment, to watch what happens to the economies of countries that cut spending and taxes in response to the crisis as opposed to tax and spend.
Perhaps Netanyahu understands that, with the probable diminution or even cessation of American aid, the Israeli economy has to be unshackled. America may well be switching sides in the Arab-Israel fracas and the Israeli economy cannot be tied down by government any more.
Netanyahu and the Indians have maybe read Adam Smith. Our own politicians are all balled up with The Lord John Maynard Keynes.
Well, we’re halfway there - Jerusalem is the location of the Knesset, Israel’s parliament, even if the US does not recognize it as such.
As far as the Temple Mount, it is supposedly in Israeli control, although they don’t act like it most of the time.
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