It was revealed recently that the Israeli Finance Minister will petition the Knesset Finance Committee to postpone the implementation of a new law which allows married small business owners to be taxed separately.
Prior to January 1st, couples working together in small businesses were subject to tax on their combined income, which meant that the entirity of the second income was taxed at the 50% rate. The Finance Minister has argued that the government cannot afford to finance the revised provisions, which it estimates will cost millions of shekels per year.
Silvan Shalom approached the Chairman of the Finance Committee, Yaakov Litzman, in December of last year to ask him to postpone the new law, but disagreements and budget wrangles meant that the Committee never got around to debating the issue, and the law went into effect at the beginning of 2002. The Finance Minister is reportedly seeking to delay implementation of the law until 2003.
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