Putin signs bill increasing income taxes for the wealthy in Russia

MOSCOW (AP) — Russian President Vladimir Putin has endorsed a bill that raises income taxes for the rich. It is part of an effort to help fill government coffers during the fighting in Ukraine. Putin signed the bill into law Friday, two days after it was approved by both houses of parliament. The legislation envisages a progressive tax on personal income. It marks a major change from the flat-rate tax that was widely credited with improving revenue collections after it was introduced in 2001. The new law imposes a 13% tax for incomes of up to 2.4 million rubles ($27,500) a year. For incomes over that amount, a steadily higher tax rate would apply.