JRL NEWSWATCH: “Putin’s War Will Soon Reach Russians’ Tax Bills” – New York Times
“Russia’s president has signaled an increase in income and corporate taxes that will help finance the war. The move reflects his firm control over Russian policy”
“… Putin … appears on track to institute a rare tax increase on corporations and high earners … reflect[ing] … the burgeoning costs of his war in Ukraine and the firm control he has over the Russian elite …. Financial technocrats … are searching for new ways to fund … the war [and] a broader confrontation with the West … likely to remain costly for years. Russia is allocating nearly a third of its … 2024 budget to national defense …, a huge increase, adding to a deficit … the Kremlin has taken pains to keep in check. The proposed tax increase underscores [] … rising confidence about [Putin’s] political control over the Russian elite and his country’s economic resilience at home, showing that he is willing to risk alienating parts of society to fund the war … [in] the first major tax overhaul in over a decade. …”