Putin raises tax for wealthy Russians

President Vladimir Putin raised income tax for wealthy Russians and offered new state handouts to families with children on Tuesday, days before the country votes on reforms that could keep him in power until 2036.

In a televised speech to the nation, Putin said Russia’s response to the coronavirus crisis had saved tens of thousands of lives and he ordered the extension of several support measures to cushion the economic fallout.

Putin also proposed cutting tax on IT companies’ profit to 3% from 20%.