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Israel Cabinet Discusses $1,344,000 Government Budget for Fiscal Year

Israel’s Cabinet today discussed the Government budget for the fiscal year 1962-63, which will come to an estimated 2,400,000,000 pounds ($1,344,000), ten percent above the current fiscal year’s expenditures.

Finance Minister Levi Eshkol, outlining the principal features of the new budget, envisaged a seven percent increase in income taxes, imposts on services and luxury apartments, and higher inheritance taxes. The Treasury informed the Cabinet that it is seeking additional funds to meet the requirements for greater housing expenditures, due to increased immigration, as well as certain allocations for Israel’s security needs.