most other European countries,
the United States (35 percent)
and Japan (30 percent).
Considering that Israel's per
capita income was only about
$13,000 a year compared to an
average of $20,000 in developed
countries, its tax burden was be-
tween 4-5 percent higher than in-
ternational standards.
Israel had the highest unequal
distribution of incomes after the
United States among Western
countries.
The top 1 percent earners
made an average of $9,167 a
month, or 7.6 times the mean
wage, while the top 10 percent
earned $4,500, or 3.7 times the
mean wage.
Israel's income taxes were the
most progressive in the world.
They reduced income inequality
by 13 percent compared to only 3
percent in the United States. Eu-
ropean income taxes reduced in-
come inequality between 8-10
percent.
The top percentile of company
income tax payers, made up of
the largest 500 firms, accounted
for 66 percent of taxable income
in 1994 compared to 77 percent
in 1988, out of a total of about
51,000 companies.
Visit the Investment Specialists at
Sterling
2
Norm Lining
810-646-8787
West Bloomfield —Jeff Thompson
810-855-6644
Southfield — Charles Rollo
bank
&trust
Trade Pact
On The Horizon
A Most Favored Nation (MFN)
trade pact with Jordan could be
signed within weeks, Israel In-
dustry and Trade Ministry for-
eign trade director Zohar Peri
predicted.
At Jordan's request, Israel
agreed to pursue fast-track ne-
gotiations on a simplified MFN
agreement at the recent Joint
Trade and Economic Cooperation
Committee meeting in Tiberias.
Although the peace agreement
with ,T1rdan provides for a free
trade area between the countries,
Israel conceded to the more lim-
ited agreement proposed.
A source close to the negotia-
tions said Israel wants first to
reach an agreement in principle
on a free trade area with Jordan,
with details for its implementa-
tion to be negotiated later. How-
ever, the kingdom does not want
to commit itself now to a free
trade area with Israel, since it has
no similar agreement with an
Arab country.
The Jordanians want first to
see how the trade relationship de-
velops and what they can expect
to gain from upgrading it, the
source said.
Israel accepted Jordan's posi-
tion because according to World
Trade Organization (WTO) rules,
countries that have MFN trade
relations are required to gradu-
ally eliminate all restrictions to-
ward a free trade agreement.
Although Jordan is not yet a
WTO member, it plans to join in
the next year or two.
Birmingham
810-355-9831
"We create solutions." o
SIMPLE INTEREST AT MATURITY ONLY. ANNUAL PERCENTAGE YIELD EFFECTIVE AS OF JANUARY 13, 1995. RATES
SUBJECT TO CHANGE WITHOUT NOTICE. PENALTY FOR EARLY WITHDRAWAL.
Berkley — Todd Hegler
810-546-2590
FDIC
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