Putin proposes hiking income tax to 15% for wealthy Russians from Jan.

Russian President Vladimir Putin on Tuesday proposed lifting the annual rate of income tax from 13 to 15 percent for wealthy citizens on their earnings above 5 million rubles (72,833 U.S. dollars) a year.

Speaking during a televised address to the nation, Putin said the changes could come into effect on January 1, 2021, and would bring an additional 60 billion rubles to Russia's budget.

(Cover via CFP)

Source(s): Reuters