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!