Top Ten Countries With the Highest Income Tax Rates
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Top Ten Countries With the Highest Income Tax Rates

Taxes are very vital for society that helps to provide life’s basic facilities, such as education, infrastructures, health care systems and transportation.  Countries with highest tax rates provide better public care and income security to its citizens than rest of the world. Financing of Medicare and social security services can only be possible by imposing high taxes on top earners that’s called the sharing of burden according to wealth. In developed countries, tax rate is the highest and its contribution to GDP is almost doubled than developing world. It is the main source of revenue for the government that plays a key role in building up institutions, markets and democracy, serves as automatic stabilizers  that bridge the gap between those with more in life and those who have less in life. Highest tax rate is mostly imposed in wealthier countries to increase autonomy and reduce their long-term dependence on external aid.  Expenditures of the government, capital outlays, national defense,  education, health and other social investments  can only be finance by imposing as tax as highest as possible but on the wealthiest citizen of the country. According to survey done by KPMG (an audit firm) in 2011, top ten countries with highest tax rate are listed below:

Rank Country Highest Marginal Tax Rate
1. Aruba 58.95%
2. Sweden 56.6%
3. Denmark 55.4%
4. Netherlands 52%
5. Austria 50%
6. Belgium 50%
7. Japan 50%
8. United Kingdom 50%
9. Finland 49.2%
10. Ireland 48%
Source: CNBC, KPMG ( Audit Firm )

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1 0 4353 11 January, 2015 Economy January 11, 2015

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