The poor have to wait: despite the calculations of experts, the taxes for wealthy people will not be increased

Analytics
The poor have to wait: despite the calculations of experts, the taxes for wealthy people will not be increased
The poor have to wait: despite the calculations of experts, the taxes for wealthy people will not be increased
21 July, 21:26
Analysts have shown that raising the march tax for wealthy Russians to just 25% will increase Russia's GDP by 2%.

A month ago, Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, spoke to the State Duma with a proposal to raise the tax on the rich to 35%. At the same time, he referred to the experience of the United States, where there is a stepped scale of taxation, and the income tax there reaches 50%.

The deputy proposed taxing 15% of income from 5 million to 10 million rubles, and income from 10 million to 15 million rubles - tax 20% of personal income tax, sending the funds received to targeted assistance to those in need.

Earlier, the Russian Chamber of Commerce and Industry (CCI) proposed increasing the tax burden to 45% for the highest paid employees of commercial organizations and zeroing fees for the lowest paid employees.

As you know, this year, citizens who earn more than 5 million rubles a year have already increased the tax to 15%. For other Russians, the personal income tax rate remained at 13%.

However, the Russian authorities have finally abandoned the increase in taxes for wealthy citizens: an increase in the personal income tax rate for wealthy Russians is no longer considered as measures to replenish the state budget, URA.ru reports.

The government of the Russian Federation admits that the increase in taxes for the rich was discussed at the budget commission, but in the end a negative decision was made and wealthy Russians have nothing to fear. In addition, the authorities of the Russian Federation do not intend to raise taxes and introduce new fees for oil workers; the Cabinet of Ministers considered it more important to increase the tax burden on metallurgists.

But experts have proved that an increase in income tax of up to 25% on the wealthiest part of Russians will have a beneficial effect on GDP growth. This is stated in the report of the Institute of Economic Forecasting of the Russian Academy of Sciences "Post-crisis economic recovery and the main directions of forecasting the socio-economic development of Russia for the period up to 2035"

“Russia has reserves for the growth of public expenditures in general and, in particular, expenditures for increasing the volume of social support for the population and the gradual elimination of development constraints associated with the low level and quality of life of a significant part of the population.

This fact makes it possible to additionally redistribute a part of the economy's income in favor of the budget system and thus increase the volume of social support for the population, ensuring a gradual decrease in development constraints associated with the low level and quality of life of a significant part of the population.

One of the ways of such a redistribution may be the modernization of the taxation system for personal income. In 2020, the first steps were taken to increase the income tax for the wealthiest citizens (with an annual income of over 5 million rubles).

Our estimates show that the richest 20% of citizens now have a savings rate of 25%. Under these conditions, for example, an increase in the personal income tax rate for the richest 20% of citizens to 25% can lead to such a redistribution of incomes that will increase demand and, accordingly, GDP by at least 2%.

Of course, in this case, we should talk not only about an increase in the tax burden, but also about the modernization of the entire budget system, ensuring not only the growth of its revenues, but also the formation of channels for using these funds in favor of solving social policy problems, the Proeconomics channel states.

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