Putin offers 2% tax raise for Russians earning over $72K
Russia’s President Vladimir Putin suggested on Tuesday that the country’s income tax rate could be raised from 13% to 15% for all citizens who are earning more than five million roubles ($72,800) a year.
Speaking on Russia’s national television, Putin stated that “it’s time to get rid of Russia’s 13% flat income tax for those who make more than 5 million roubles annually,” adding “the extra revenue will go to curing children with rare diseases.” If the measure is approved, it will come into effect on the first day of 2021, and also add an extra 60 billion roubles ($874.8 million) to the country’s annual budget.
Furthermore, Putin announced all families will receive 10,000 roubles (~$146) for every child younger than 16 years as financial support from the government.
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