The 3 Countries With the Highest Tax Rates In the World, and the 3 With the Lowest!

People often wonder which countries have the highest tax rates in the world and which have the lowest rates. Sometimes this is so that they make themselves feel better, and other times this is so they can get the hell out and move countries! Anyway, we have the answers to both these questions. Here are the top 3 countries with the highest and lowest tax rates in the world:

1) Belgium
Belgium’s marginal tax rate can be up to 54 percent! However, Belgium also ranks quite highly on many economic scales. Out of 203 countries, the GDP of Belgium is in 18th place. Its exports amount to an annual $322 billion in goods and services.

2) Germany
This country is next on the list of highest tax rates in the world. Germany’s marginal tax rate is 45 percent on marginal income workers. Although Germany is now Europe’s largest economy and the world’s fourth largest economy according to nominal GDP. Its GDP per capita is 21st on the IMF list However, not far behind Belgium. However, Germany is more concerned with having a social safety net than with direct economic growth at all costs.

3) Denmark
Not far behind Germany on the list of highest tax rates in the world is Denmark at an average of 44.4 percent. This is quite high, but the citizens of Denmark seem to be content. According to an ABC News story, Denmark is one of the happiest countries in the world, regardless of the high taxes they have. Also, the high taxes mean that an artist could make the same amount of money as a banker; therefore, people’s careers choices are not dependent on status or income.

Now, let’s talk about the countries that have the lowest tax rates in the world:

1) Switzerland.
The average income tax in Switzerland is 20 percent, and at the same time, the county’s GDP per capita ranks 7th in the world at $43,196. Switzerland even tries to lure foreigners to move there with their low tax rates, claiming people could reduce their taxes by 50 percent if they move there.

2) The United States
The average income tax in the U.S. is 27 percent. It is currently the largest economy in the world, and the economic vitality here speaks for itself. The U.S. is 6th on the list of highest GDP per capita at $47,440. The citizens of this country also have the highest hourly income of all the nations in the world.

3) Australia
This country’s average income tax is similar to the U.S.. Australia boasts many incentives it provides for entrepreneurship, hard work, and risk-taking. The government considers these factors fundamental for high living standards and sustained economic growth. Australia’s marginal income tax is 31.5 percent, and it is in 17th place for GDP per capita.

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