• * Pliifirms • Publishers • • • Age 14 AI/ / 4 ADVERTISERS! Get your message out in a quick, efficient manner with great rates and same day service on HOT projects! • Affordable Assembly Services each us at: A-Z 866-352-73.8$ Israel's Burden • Literature • Letters • Kits • Ad Material • Inserts • Parts - Pick-n-Packs of All Kinds Pick Up and Delivery Available Israelis will work for the government until Aug. 3. (all SE MI, 24/7 in Southfield) www.mailcorpusa.com ROBERT SAUER Jerusalem Institute for Market Studies Hidden Taxes TFD is found by calculating the ratio of total taxes collected by the govern- ment at the national and local level to net national income. The ratio is then multiplied by the number of days in the year to get the number of days the average Israeli works to satisfy the spending habits of the government. Total taxes collected include direct taxes like income and corporate tax and indirect taxes like the value-added tax, purchase tax, fuel tax and taxes collected by local authorities. National figures published by the Israel Central Bureau of Statistics are used in the cal- culations whenever readily available. The beauty of the TFD calculation Jerusalem he new national Israeli budget means Israel Tax Freedom Day (TFD) will fall on Aug. 3, four days later than Israel TFD in 2004, a leap year, and the latest Israel TFD in the past 15 years. TFD marks the day each year when the average Israeli stops working for the government and starts earning money to meet his personal consump- tion needs. The average Israeli tax burden will reach almost 31,000 shekels ($6,900) in 2005 compared to 29,000 shekels ($6,400) in 2004. New taxes were added, Tax Freedom Day even though income taxes decreased slightly. Taxation of income derived in Israel by non-residents and taxa- Swed,n tion of income derived abroad by Israeli residents was introduced. The defini- tion of residency was also expanded to increase the potential tax base. A new tax on real income from foreign and Israel stock exchange gains of 15 percent also came into effect. Although international is that it makes it simple for taxpayers public finance data are not perfectly to realize just how much of their compatible across countries, compar- money is transferred to the govern- ing the date of Tax Freedom Day of ment every year. It is usually quite other countries with the one in Israel confusing and daunting for taxpayers is very informative. It clearly illustrates to gauge their exact tax burden. the enormous tax burden that Israelis The visible part of taxes taken in the form of income tax can be easily cal- " carry. In 2004, the U.S. celebrated its Tax culated. However, hidden taxes and Freedom Day on April 11, 101 days fees like customs tax and purchase tax before Israel. In the United Kingdom, are often overlooked. The calculation Tax Freedom Day fell on May 30, 57 of TFD, as opposed to tax revenues as a percentage of GDP, enables Israelis days before Israel. The Czech Republic celebrates its to get a clearer picture of their overall Tax Freedom Day as early as June 15. tax bill. The Danes and the Swedes celebrate For the latest years, 2004 and 2005, Tax Freedom Day towards the end of Tax Freedom day is an estimate and a forecast, using Ministry of Finance July. national budget documents. Robert Sauer is president of the Government borrowing is not taken Jerusalem Institute for Market Studies, into account in the calculations even an independent, nonprofit economic though national debt will eventually policy think tank whose mission is to have to be repaid through taxes. 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