Russia is planning to introduce a progressive tax regime, adding a 15% tax bracket for those earning over five million rubles ($72,000) a year, President Vladimir Putin said. The money will be used to treat severely ill children.
In a televised address on Tuesday, Putin explained that a tax hike would raise approximately 60 billion rubles a year ($870 million), with Russia’s highest earners paying an extra two percent tax on their income. The rate for all other Russians will remain unchanged at 13 percent.
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