4 Countries That Have The Highest Income Tax Rate In The World

4. Austria (34.9%)

In Austria individual has to pay progressively a large amount of tax of about 55%, Social security contributes 18%. Tax on work expenses, business expenses and other expenses such as child expenses, health expenses, etc. may or may not be tax deductible. This economy provides the benefits of tax credits where one can reduce the rate. These credits are gained on the basis of the efficient working, size of family and other income factors.

As per the economic surveys from the global economy, Belgium and other three countries rated for the highest tax.

Countries with the highest earners rated the highest tax with the progressive trend. This is the trend in the world economy.