Israeli families face rising taxes and prices in 2025
Israeli Families to Pay More in 2025
In Tel Aviv, Israel, it was announced that the average Israeli household will face an increase of 5,661 shekels (USD 1,552) in taxes and living costs by 2025. This information was shared with the Knesset Youth Committee on Tuesday.
Concerns Raised by MK Naama Lazimi
Chairwoman MK Naama Lazimi expressed concerns about the heavy financial burden on young families. She highlighted that the increase is due to rising property taxes, electricity, water, and public transport costs, coupled with declining incomes.
Economic Insights
Economist Meir Azenkot explained that the rising costs are a result of frozen tax brackets and reduced subsidies.
Doubts Revealed
MK Naama Lazimi
MK stands for Member of Knesset, which is the parliament of Israel. Naama Lazimi is a politician who is part of this parliament and is concerned about the rising costs for families in Israel.
Knesset
The Knesset is the name of the parliament in Israel, similar to the Lok Sabha in India. It is where laws are made and important decisions are discussed.
Shekels
Shekels are the currency used in Israel, just like we use rupees in India. The amount mentioned is how much more families might have to pay.
Subsidies
Subsidies are financial help given by the government to make things cheaper for people. If subsidies are reduced, it means people have to pay more for those things.
Tax brackets
Tax brackets are categories that determine how much tax a person has to pay based on their income. If these are frozen, it means they are not adjusted for inflation, which can lead to higher taxes.
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