The paper proves the necessity to update the tax tools aimed at social support and adapt them to the conditions of financial instability and increasing social inequality in the Russian Federation. The paper substantiates the necessity to improve the tax tools in terms of adjustment of income and property taxation for individuals and organizations to contribute to the solution of social problems. To this end, proposals are put forward to amend the current tax legislation, particularly at the regional level. The authors came to the conclusion that the use of tax tools for social support of the population is of particular importance in the time of economic uncertainty and requires further study and adjustment in order to achieve a relative balance in incomes and expenditures of the poor, with due regard to the interests of disabled persons and other needy categories of citizens. The proposals are also aimed at improving the Russian tax policy with respect to the income and property taxation including the tax tool capability to smooth the polarization of incomes of various groups of the population, ensure social development and improve the human development index.It is concluded that the tax tools included into the Tax Code do not fully reveal their social potential; the available income regulating tools are largely directed only at reducing absolute poverty, other tools meant to reduce the income inequality are inefficient.
