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June 20, 1975 - Image 18

Resource type:
The Detroit Jewish News, 1975-06-20

Disclaimer: Computer generated plain text may have errors. Read more about this.

18 Friday, June 20, 1975


Knesset Gets Government. Tax Reform Proposal


The Israel government has
submitted its sweeping in-
come tax reform measures
to the Knesset.
Finance Minister Ye-
hoshua Rabinowitz said he
hoped the bills would be
speedily legislated so that
the reform could go into ef-
fect next month.
Basically the reform will






July 18-21

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Under the new system,

persons earning IL

($500) would pay 25 per-

cent income

tax. Earnings
over IL 8500 ($1400) would
be taxed at a rate of 60 per-
Treasury experts predict
that 72 percent of wage-
earners and 51 percent of
self-employed persons will


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Israel Devalues
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The government announced
a two percent devaluation of
the Israel pound, the second
devaluation since last fall
when the pound was re-
duced in value by nearly 42
percent. It now stands at IL
6.12 to $1 compared to the
previous IL 6.
The announcement was
made after a special cabinet
meeting which heard Pre-
mier Yitzhak Rabin's report
on his trip to the U.S. and
discussed economic matters.
The cabinet also empow-
ered the finance minister
and the governor of the
Bank of Israel to announce
additonal devaluations of
two percent at any time pro-
vided that 30 days have
elapsed since the previous
The devaluation an-
nouncement confirmed ru-
mors here that the pound
was about to undergo a fur-
ther depreciation. It was, in
effect, an implementation of
a recommendation by
Moshe Sanbar, governor of
the bank of Israel. Sanbar,
however, had also proposed
that the pound be permitted
to "float" against all major


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March 25, 1975

Dear Friends:

Among its many-faceted programs, Young Israel has always looked
towards aiding in the development of various communities that
appear to have potential for the Orthodox Jewish family.

In this vein, we respectfully recommend a new condominium community
that is rising in the State of Florida to be known as "The Oaks, -
located on Stirling Road in Fort Lauderdale, Florida. This community —
now being completed — is directly across from the new Young Israel of

The National Council of Young Israel endorses this new condominium
community as one that has great development potential for the Young
Israel family and for all Orthodox Jews.

We recommend that, for all persons contemplating a move to Florida,
either on a permanent basis or for a "second home," a visit to
"The Oaks" may prove to be quite beneficial to you. While there,
we suggest that you talk to the officers of the Young Israel of
Hollywood for further guidance and information.


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Offer not valid in states in which such offer or solicitation

would be unlawful.

pay no more than 25 percent
tax, with a large number of
this group paying no tax at
all and some receiving added
income from the National
Insurance Institute.
Only seven percent of
wage-earners and 17 per-
cent of self-employed per-
sons would be paying more
than 35 percent in tax, and
the official forecast is that
the vast majority of the pop-
ulation will find themselves
with more take-home pay.
The Treasury is presently
putting the finishing
touches to a second major
piece of legislation, due to
be introduced later in the
year, an added value tax
that is expected to soak up
excess spending power and
largely cover the IL 1.5 bil-
lion in revenues which the
Treasury will lose as a re-
sult of the income tax re-
The tax reform measure
was drafted by Treasury
officials on the basis of
recommendations pre-
sented earlier this year by
the "Ben-Shachar tax re-
form committee," headed
by Tel Aviv University
President Haim Ben
The government adopted
the committee's recommen-
dations in full. They also
won the blessing of the His-
tadrut and of the employ-
The government also an-
nounced that, because of the
tax proposal, it will cut an-
other billion Pounds ($161
million) of this year's IL
56.3 billion ($9.5 billion)
budget in an effort to cut
down the growing deficit,
Finance Minister Yehoshua
Rabinowitz told Labor
-Alignment members of the
Knesset Finance Commit-
It is assumed that the
Housing Ministry would
have to bear most of the
budget cuts because of the
low demand for housing,
caused mainly by the de-
crease in immigration.

Tel Aviv U.
Names President

TEL AVIV (JTA) — Prof.
Haim Ben Shachar, whose
tax reform proposals may
soon be enacted into law,
was formally installed Sun-
day as president of Tel Aviv
University where he had
previously taught econom-
ics. He succeeds Prof. Yuval
Ne'eman, a physicist, who
resigned to take a senior
post with the Defense Min-
istry at the request of De-
fense Minister Shimon
Honorary PhD degrees
were conferred on the
French-Romanian play-
wright Eugene Ionescu and
the Israeli artist. Yaacov
Ionescu was cited for his
contribution to contempo-
rary drama and his struggle
as a humanist against total-
itarian ideologies. Agam
was awarded the degree for
his artistic contributions to
20th Century civilization and
his breakthrough in kinetic

At the meeting between
Rabinowitz and the Align-
ment MKs, it was reported
that some 4,000 completed
apartments were standing
empty because they were
originally intended for im-
migrants who did not come.
Some MKs suggested they
be handed over to young
couples who live in inade-
quate housing.
The two percent devalua-
tion of the Israel pound met

with approval in Labor and
management circles and
was taken in stride by the

Finance Minister Ye-
hoshua Rabinowitz said the
new system was instituted
to regularly up-date the
pound's value on the world
money market without
sending shock waves
through the economy. The
chief aim, as with previous
devaluations, is to stimulate
exports. Abraham Shavit,
president of the Israel Man-
ufacturers Association, ap-
proved the devaluation but
demanded that incentives
for export be maintained.

As far as the consumer
The cabinet's decision to is concerned, the govern-
empower the finance minis- ment has given assurances
ter and the governor of the that the prices of essential
Bank of Israel to devalue the commodities, including
pound by an additional two oil, will remin stable. But
percent every 30 days — al- an immediate effect of the
ready dubbed "creeping de- - devaluation was to in-
valuation" — has created crease the price of air
some uneasiness. Histadrut transportation for Israe-
Secretary General Yeruham lis.
Meshel, while welcoming
Banking circles here be-
the latest move, warned the liege that the new devalua-
government not to utilize its tion will give impetus to dol-
periodic devaluation powers lar-linked bonds, the trade
but rather to set a firm de- in which has been slow in
valuation target. recent years.

Detroit Buys Jewish Center

The Detroit City Council
voted Wednesday to pur-
chase the Jewish Commu-
nity Center at 18100 Meyers
for $3.5 million.
The council approved the
purchase by a 6-2 vote, with
Councilmen David Eber-
hard and Billy Rogell oppos-
ing. The two said they were
convinced the Center would
not be a good deal for the
Former Mayor Roman
Gribbs vetoed the plan to
buy the building three years
ago when then council presi-
dent Mel Ravitz suggested
making the purchase. How-
ever, Mayor Coleman Young
is reportedly anxious to get
the council's approval to buy
the building.
An aide to Mayor Young
said the Center will be
used as a multi-purpose
facility with both public
and private agencies

`Apathy of Youth
to Science a Danger'

NEW YORK — Dr. Ed-
ward Teller, a Hungarian-
born physicist who in 1934
helped develop the principle
of the hydrogen bomb, said
the Soviet Union "will con-
trol the future" if young
Americans continue their
"catastrophic" disinterest in
science and technology.
Dr. Teller, who retired as
a University of California
professor after 21 years on
its faculty, will be presented
June 25 with the Technion-
Israel Institute's annual
Harvey Prize. Dr. George
Klein, a Swedish immunolo-
gist, will receive an equiva-
lent $35,000 prize in human

Golda Hospitalized

Israel Premier Golda Meir
is in the hospital again, the
fourth time since she left of-
fice a year ago. Mrs. Meir,
77, is in Hadassah Hospital
in Jerusalem where she is
being treated for sciatica.

housed there. Agencies
which may have offices in
the Center include the rec-
reation, health, youth and
senior citizens depart-
The city will make a
$500,000 down payment on
the Center and will pay an-
other $500,000 when it takes
possession of the Center
sometime in the summer of
1976. City budget director
Walter Stecher said the bal-
ance will be paid in pay-
ments of $150,000 plus in-
terest every three months
after that.

JNF to Begin
Thinning Forests

The Jewish National Fund
expects to make $1.5 million
this year — by thinning for-
The dead wood will partly
go to JNF saw mills, partly
to pulp processing factories,
and the remainder to agri-
culture for use as support
posts, primarily in banana
The thinning must be
undertaken for the purpose
of clearing old tree plots for
new regeneration, increased
growth yield of remaining
trees and the blazing of new
forest roads built for pur-
poses of getting the newly
cut wood from the forests.

Bicentennial Aids

NEW YORK — "Pro-
grams for '76," a play on
"The Jewish Paul Revere,"
five bibliographies, a
pamphlet on "The Story of
the Jews in the U.S." and a
number of publications on
Jewish music in America
are available from the Na-
tional Jewish Welfar6,
Board to help Jewish com- '-
munities develop local pro-
jects on a Jewish theme re-
lated to the Bicentennial.
For order forms and price
lists, write to JWB, 15 E.
26th St., New York, N.Y.

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