“Russia Plans to Raise Taxes for the Rich in Efforts to Bolster Budget”

Photo: BGNES/EPA

Russia plans to raise taxes for the rich, the Moscow Times reported.

The idea was submitted to the State Duma.

Additional funds for the budget are expected to be guaranteed.

The proposal was brought by the communists. A tax of 30 percent is proposed for those with an income of more than 10 million rubles.

A report prepared in collaboration with experts is presented. It acknowledges that there has been a decline in total revenue and export receipts.

It is insisted that the losses in the budget will be much greater than those expected by the government. Two years ago, the tax for the rich was already raised.

Those in the know believe that this is an option to guarantee certain revenues.