We have two covers this week. In most of the world we consider the Robin Hood state, which takes from the rich to give to the poor. Leaning more on this approach has obvious appeal for governments as they struggle with huge debts, ageing populations and the need to spend more on defence. Raising broad-based taxes, like VAT or sales taxes, would be hugely unpopular when voters are still reeling from the high inflation of the early 2020s. Raising taxes on the rich, an idea being espoused by politicians across the developed world, seems the obvious solution. But, as we explain, the notion that the wealthy are not paying their fair share is flawed, and trying to fill budgetary gaps by soaking the rich will not work. It will raise less money than expected, damage economies and cause long-term political harm.

In Europe our cover considers Vladimir Putin’s “forever war” in Ukraine, four years on. Russia’s president is caught in a vice of his own making: he cannot win the war, but he fears its conclusion. It is looking less and less likely that President Donald Trump will force Ukraine to cede territory; now that America has cut off financial support its leverage over Ukraine has peaked. Any peace plan would therefore be unlikely to satisfy Russia, because it would not grant Mr Putin the territory he wants to declare victory. Peace could also trigger a crisis within Russia. Mr Putin would have to deal with disgruntled veterans, an ailing economy and questions about the bungled campaign. He cannot give up the war, but the cost of carrying on is rising.

The latest episode of The Insider examines in more detail why Mr Putin is really scared of peace. Edward Carr, another of our deputy editors, is joined by a panel of our expert journalists, including Zanny Minton Beddoes, Adam Roberts, Shashank Joshi and Arkady Ostrovsky, to analyse why the one man who could stop the fighting is so reluctant to do so. Watch it now.