July 05, 1996 • Page Image 51
…12 MONTH CERTIFICATE 1STINCT (..>9 / o grams. Mr. Lipow emphasizes that Israelis have to pay for their share of taxes but in most cas- es, speculative-investors are beneficiaries of the subsidy pro- grams. According to Mr. Lipow, the main beneficiaries of the subsidy programs are Israelis who move abroad. He says Israelis who emigrate enjoy all the subsidy benefits that accrue to real-es- tate suppliers, implying that the government housing...…

















































