In life, it’s a smart thing to know how other economies operate and how they affect the global economy. Many socialist countries have a higher income tax and as a result provide free health care, free college, etc. Today, we’re going to be going over how much these international countries actually tax and why. Starting with the number one highest tax rate country below:
1. Belgium – 42.0%
Belgium’s economy has been set up as a progressive tax system. Individuals who earn a higher income will pay more in tax. Individuals in the top tax bracket will pay 50% of their income not including social security. As for social security, 13.07% of your income is taxed for that. However, you can still deduct certain business expenses and social contributions from your taxes. All in all, Belgium has the highest income tax in the world!
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Ha! I wish Sweden had as low tax rates as any of these countries. Not only does Sweden have the highest margin tax at close to 60%, Swedes also have to earn the least to reach the top bracket.
Australia (not Austria) has the highest tax rate in the world being 49% plus 10% goods services tax, plus 100% fuel excise tax, plus upto 3% on the value od buying a house, plus 15% tax on retirement savings, on return schooling, hospital , medical doctors, government housing are for free or incur a small fee.
Australia began as a convict colony and the gangsterism and criminality of its government proves not much has changed…
Where do you get that? According to the detailed Wikipedia article on the subject, even the highest tax bracket is only 34.8 – 45% (income of $180,000 and above). Do you also pay a 180% vehicle registration tax on cars? Just 10% goods service tax? Try 25% VAT in Denmark. You can’t just add together random tax percentages from different subjects and cry out “we have over 9000% income tax”. Income tax is just income tax.
Why was South Africa left off. Our top rate is 41percent
Portugal has also a very high tax rate for portuguese residents.
Rates start at 14,5% up to 53%.
That’s not true
Why ended up being Southern Africa left down. Our top price is 41percent
Dont forget Papua New Guinea, average income earners pay 35%-40% tax.
Agree. PNG also pays the highest tax rate.
Spain max rate is 56%!!!
it is amusing ,I would like to be taxed as high as the mentioned countries here in Ethiopia.
China is much higher than these 5 countries!
Ah ah!!! I suggest that you review your sources… You forgot some EU countries with much higher rates…
Mexico….! 35% income plus 16% VAT…. 51%….?
Australia- think you left out some things …
49% tax
10% gst
1.3% Medicare
1.1% (I think it was) budget repair levy
And, you have the chance to pay taxes on taxes at times!
One main reason I left.
Why was Jamaica left out 25% income tax,16.5% consumption tax, gas tax, motor vehicle taxes, Education tax, National housing Trust tax, Environmental tax, licenses fees, stamp duty on home purchases and others not mentioned. If you add all of those taxes Jamaica will be the highest and worst in the world and education nor Health is not free and a third of the population has no legal tenure to land occupied
Why is Italy not mentioned in this article.
with 22 % tax on the lowest income and 44%
on higher income,taxes on taxes, taxes to
privileged professions,taxes on bank accounts,VAT of 22% applied on already
excise taxes,gasoline taxes of 300%,
stamp tax of 16,00 E on any govt. issued certificate,and the list goes on and on!!
Is your analysis only on some parts of Europe? it seems you didn’t study well about others!
I am Austrian and I can confirm that tax rates are very high in Europe. You can calculate 18% for health insurance (but no deductible when going to the doctor or hospital) plus increasing tax for certain income levels. We alo pay 20% value added taxes on every product – so you could also summ it up to ~70% of charges.
BUT we can use good streets, have good schools and education, have social peace and legal certainty, and freedom of speeche and opinion, which I regard worth all these charges!!! I would not want to change with e.g. Brazilian system where you don’t want to even trust a police patrol or an accident on the street. The expenses for a private army will be much higher and less valuable for some kind of peaceful life…
This is a stupid article as it does not tell us what the tax is spent on so it cannot be compared with tax rates in other countries. Many european countries have free education and free universal healh care which is paid for with this tax.
Austria (NOT AUSTRALIA) has the much more higher Tax Rate! Allready with Income per Year of 60K to 90K you pay 48% from 90 to 1 mio 50% Over 1 Mio 55% Thank you Austria VAT 20%, NOVA (Green Tax for Cars up to 38%, Social Insurance not includet (about 19%) buying a house you pay 6%
Grenzsteuersatz ab 2016)
11.000 und darunter 0% 0%
über 11.000 bis 18.000 25%3)
über 18.000 bis 25.000 35%3)
über 25.000 bis 31.000 35%
über 31.000 bis 60.000 42%
über 60.000 bis 90.000 48%
über 90.000 bis 1.000.000 50%
über 1.000.000 55%