4. Austria – 34.9%
Austria has an income tax that is relatively high, taxing earners in the top income tax bracket at 34.9%. If you combine this tax with all other tax forms included, tax would get as high as 55%! This 55% can be because of benefits, employer wages, etc. Other tax forms include both capital gains as well as earnings on investments, being taxed 27.5%. As for social security, tax payers pay around 18%. Like other economies, specific work expenses, business expenses, and child expenses can be tax deductible. However, one thing unique to this economy would be the tax credits that are provided. Tax credits are simply money that can be subtracted from your overall tax payments. These credits can be gained because you updated an appliance to a more efficient version or because you reduced your total cost of housing. Whatever the reason, Austria provides these credits based on children, work, and income factors.
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