Importance Considering the crisis phenomena in the Russian economy, the problem of improving the mechanisms of replenishing budgets at various levels through tax revenues has recently become more significant. Objectives The aim of the study is to identify prospects for further development of the mechanism for personal income tax calculation and collection to meet the needs of the State and the society. Methods I apply methods of analysis to review basic historical stages of certain elements of personal income tax development. Results The study demonstrates the fiscal significance of personal income tax, analyzes revenues to the budget, and identifies major areas of improving the mechanism of taxation. Conclusions and Relevance To smooth the inequality of incomes of individuals, it is necessary to use a system of tax incentives for personal income tax. However, the system itself and the size of benefits should be comparable with certain living conditions of Russian citizens. For better implementation of the principle of equality, the amount of standard tax deductions should be brought up to the subsistence rate with annual adjustment according to index, as over time, inflation has a negative impact on the real value of the deduction. As for other deductions from taxable income, namely, social and property deductions in the fixed part, the same rule should be applied.
Keywords: income, tax, individuals, personal income tax
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