The Cabinet today approved a draft budget for fiscal 1968-69 which is believed to equal the current $2 billion budget, but contains a reduction of property taxes and abrogation of the compulsory 18 percent loan for immigrant absorption that all Israelis now pay in addition to their income tax. The property tax cuts will apply to land and buildings. The budget will be introduced in the Knesset on Jan. 1, 1968.
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