MOSCOW, March 26 (RAPSI) – Lawmakers representing A Just Russia party, including head of the party group in parliament Sergei Mironov, have submitted to the State Dume a redrafted bill on progressive taxation, RIA Novosti reported on Thursday.

The first wording, which the State Duma rejected on February 18, stipulated a 28 percent personal income tax for high-income Russians. The progressive taxation scheme stipulated dividing the taxpayers into four groups.

Those who earn up to five million rubles ($87,125) a year were to pay a 13 percent income tax. An 18 percent tax rate was stipulated for those who earn between five and 50 million rubles ($87,125-$871,250), up to 23 percent for those who earn between 50 and 500 million rubles ($871,250-$8.7 million), and up to 28 percent for those whose annual income exceeds 500 million rubles ($8.7 million).

Under the reviewed bill, a 13 percent tax is stipulated for those who earn up to 24 million rubles ($418,200) a year, 25 percent for those who earn up to 100 million rubles ($1.7 million), 35 percent for incomes of up to 200 million rubles ($3.4 million), and 50 percent for those whose income exceeds 200 million rubles.

The bill is expected to encourage owners to invest their income in development, the bill’s authors say. It would also moderate social inequality and is aimed at creating a more balanced socioeconomic situation that would boost economic activity and increase the solvency of the general public.

According to the MPs, the bill and the proposed tax rates are based on the experience of industrialized countries. The tax rate for the income that exceeds 1 million euros ($1.1 million) is 75 percent in France. A 45 percent tax is levied on incomes above 250,000 euros ($275,000) in Germany and above 150,000 pounds ($224,000) in the UK.