Russia is raising taxes to pay for the war in Ukraine

The Russian government plans to collect more money from people and businesses to keep up with the high costs of fighting.

The Russian government is preparing to hike taxes. This is happening because they need more money to pay for the war in Ukraine. New plans from the country's Finance Ministry show what the budget might look like in 2027. It includes several tax increases. The goal is to fill the hole in the budget caused by heavy military spending. Experts say these changes will likely stay in place for several years, at least through 2029. The plan includes taxing interest that people earn on their savings in bank accounts. While the government is looking to take in more money, they are also trying to kee…