Israel’s Tax Law Brings Billionaire Home
Foreign income is untaxed, so movie producer Arnon Milchan moves back
Hoping to ignite a new wave of immigration, Israel changed its tax laws nearly a year ago, offering potential new arrivals, as well as those who’d left the country but are considering a return, a big break. According to the new rules, newcomers would pay no taxes on any foreign income for 10 years following their relocation. Now comes the news, via Globes, an Israeli business magazine, that fertilizer company scion-turned-movie mogul Arnon Milchan is taking advantage of the generous benefits and moving back to Israel. A producer on movies good (The King of Comedy) and less good (Marly & Me), Milchan was estimated to be worth $2 billion by Forbes in March. Who knows how much that’ll change once Alvin and the Chipmunks: The Squeakquel is released later this year, and how much tax revenue Israel will have then forfeited in its effort to reclaim a native son.
Arnon Milchan Moving Back to Israel [Globes]
Daily rate: $2
Monthly rate: $18
Yearly rate: $180
WAIT, WHY DO I HAVE TO PAY TO COMMENT?
Tablet is committed to bringing you the best, smartest, most enlightening and entertaining reporting and writing on Jewish life, all free of charge. We take pride in our community of readers, and are thrilled that you choose to engage with us in a way that is both thoughtful and thought-provoking. But the Internet, for all of its wonders, poses challenges to civilized and constructive discussion, allowing vocal—and, often, anonymous—minorities to drag it down with invective (and worse). Starting today, then, we are asking people who'd like to post comments on the site to pay a nominal fee—less a paywall than a gesture of your own commitment to the cause of great conversation. All proceeds go to helping us bring you the ambitious journalism that brought you here in the first place.
I NEED TO BE HEARD! BUT I DONT WANT TO PAY.
Readers can still interact with us free of charge via Facebook, Twitter, and our other social media channels, or write to us at email@example.com. Each week, we’ll select the best letters and publish them in a new letters to the editor feature on the Scroll.
We hope this new largely symbolic measure will help us create a more pleasant and cultivated environment for all of our readers, and, as always, we thank you deeply for your support.