Israel to shift tax burden to the rich and corporations

On the 6th of October, Israel's protestors found a grain of success. They'd been on the streets of Tel Aviv for much of the summer, protesting against housing costs, debt, and numerous other things. This sunday, the Israeli government decided to change the tax system to place a larger portion of the tax burden on corporations and the very wealthy:

JERUSALEM — Israel’s summertime protest movement, which was occupying “Wall Street” before it was cool, can now celebrate their first major tangible success.

At a Sunday cabinet meeting the government approved the restructuring of Israel’s tax system, shifting a few degrees of the social burden onto corporations and the very rich.

On Monday, during the opening day of the winter session of parliament after a three-month summer break, legislators received the new tax plan for approval, alongside a lengthy list of demands for financial reform and social justice that were nonexistent when the Knesset, Israel’s parliament, was last in session and which have been catapulted to the forefront of a pre-electoral year.

As lawmakers gathered it became clear that Likud, the party of Prime Minister Benjamin Netanyahu, hoped the government’s imprimatur of approval on significant changes in taxation would shift credit from the young protest leaders to the party itself.

www.globalpost.com...

So what, no no doubt Israel's economy is going to collapse now, right? A sudden hemorrhage of capital to avoid the new tax rates? I don't think so. I think the owners in Israel will just swallow the new tax plan, and it'll be counted as a victory for the social justice movement in Israel. Hopefully they keep it up!