Figure is the first shared under a new system for sharing information between Israel Tax Authority and its U.S. counterpart Israelis with accounts at U.S. banks and other financial institutions earned $1.08 billion in income from interest, divided and capital gains in 2016, according to data provided by the IRS to the Israel Tax Authority. Although incomplete and interim, the figure provides a first glimpse of the extent of Israeli financial assets in the United States. It was collected as part of the first official exchange of information between the two countries on the basis of the U.S. Foreign Account Tax Compliance Act, or FATCA. The data was obtained by the Freedom of Information Movement in Israel and shows the first year of data collection under FATCA. The data obtained is very basic and doesn’t show the extent of Israeli holdings, only the income derived from them. >> Read more: Are you an Israeli who had a foreign bank account? Tax authority may be after you ■ Revealed: U.S. informed Israel: Netanyahu and his wife have American bank accounts While the tax due on $1.08 billion works out to about 1 billion shekels ($280 million) before deductions and other breaks,...