Putin to tax the rich or lower middle class and up
https://news.yahoo.com/putin-announces-tax-increases-russians-144040231.html
According to the publication's source, this concerns the implementation of a progressive personal income tax (PIT) system in Russia.
Citizens earning more than RUB 5 million (about US$55,000) per year currently pay 15% of their income in taxes rather than the standard 13%. Putin did not specify the new parameters for the personal income tax.
In addition to personal income tax, they discussed a tax on excess corporate profits – the so-called windfall tax, which was introduced last year as a one-time action but may become permanent.
According to the Russian Federation's Ministry of Finance, this tax generated more than RUB 300 billion (about US$3.3 billion) for the Russian budget. It was paid by businesses, and the average pre-tax profit for 2021-2022 exceeded RUB 1 billion (about US$11 million).
At the same time, the government's reserves are quickly depleting. The National Welfare Fund's liquid assets were reduced by half over the last two years of the war, from US$113.5 billion at the start of 2022 to US$55.9 billion as of 1 January 2024.
In 2024, the Ministry of Finance intends to spend an additional RUB 1.3 trillion (about US$14.300 billion) from the NWF to finance the budget deficit, with the Ministry of Economic Development taking nearly RUB 900 billion (about US$9.9 billion).
I think this will prove more how rigged the upcoming Russian election is. No politician with a brain would ever increase taxes just before an election and expect to win. Where's Tucker on this to protest and talk about it? I guess he's in favor of higher taxes eh?