Netanyahu: Cut taxes for rich to help poor

If were so smart, why arent we rich? Although we have high-tech and science in Israel, the economy isnt free enough.

Likud chairman MK Benjamin Netanyahu said, The way to help the poor is to cut taxes on the rich, which will increase the states tax revenues. He made the comment at the Raanana conference on national high-tech policy.

The key is to create a free economy with a social attitude that really helps the poor rather than the fake poor. If were so smart, why arent we rich? Netanyahu asked the audience, before answering his own question: Although we have high-tech and science in Israel, the economy isnt free enough.

Netanyahu said, High-tech without a free economy wont go anywhere. The main engine is the degree of freedom. The rapid growth were seeing in China and India is because theyre switching from a closed economy to an open economy. If we cut taxes, we wont increase the deficit. On the contrary, well get more revenues. If we cut taxes, fewer people will flee to Ireland, Romania and Spain.

Netanyahu declined to answer the question that most intrigued his audience: whether he considered himself a candidate as the next finance minister. The reason is that the conferences emcee, the mayor of Raanana did not let him answer. However, Netanyahu did manage to say, With the help of God, well one day continue with what we started.

Published by Globes [online], Israel business news - www.globes.co.il - on June 26, 2007

Copyright of Globes Publisher Itonut (1983) Ltd. 2007

 
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