World’s Top 4 Countries With The Highest Income Tax Rate

4. Austria (34.9%)

World's Top 4 Countries With The Highest Income Tax Rate

Last but not the least on the list is Austria with 34.9%. Earners in the top bracket are taxed at 34.9%. If this tax is combined with all other tax forms, tax would get as high as 55%. Other tax forms include capital gains, earning on investment being taxed at 27.5%. Tax payers pay around 18% for social security. As with other economies specific work expenses business expenses and child expenses can be tax deductible. One thing unique about this economy is the tax credits that are provided which is simple money that can be subtracted from your overall tax payment. These credits can be gained by updating your appliance to a more efficient version or simply by reducing your total cost of housing. These credits are provided based on work, children and income factors.

These four European countries have the highest tax rates in the world based on an international survey. All these demonstrate systems with the highest percentage in taxable income. Now as you know you are smart enough!

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