Friday , 4 October 2024

Taxes on "Rich" Vary Dramatically by Country – Take a Look

There is a lot of debate these days about the extent at which the “rich” among us should be taxed. That is an argument that no one is going to win but the findings of a study comparing the tax rates of such individuals on a comparative basis by country is most enlightening. Take a look to see how your country’s tax rates on the “rich” compare with other countries. Some of you will read this article and be quite displeased while the majority of you should realize that you have nothing to complain about (relatively speaking, that is). Words: 455

This synopsis has been put together by Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!) from KPMG’s 84-page International Individual Income Tax and Social Security Rate Report to ensure you a fast and easy read. This paragraph must be included in any article re-posting to avoid copyright infringement.

Rather than report on all 96 countries covered in the report coverage has been limited to those countries from which most of the visitors to this site come from plus some other countries that have been very much in the news lately.

Tax Rate at USD100,000 Equivalent Income Level

  1. U.S.A.: 24.3%
  2. Australia: 25.3%
  3. New Zealand: 27.4%
  4. Japan: 28.3%
  5. Canada: 30.3%
  6. U.K.: 31.0%
  7. Spain: 31.7%
  8. Ireland: 36.0%
  9. Portugal: 38.5%
  10. France: 42.0%
  11. Italy: 42.6%
  12. Germany: 43.0%
  13. Greece: 43.5%
  14. Netherlands: 47.6%
  15. Belgium: 47.9%

Tax Rate at USD300,000 Equivalent Income Level

  1. U.S.A.: 29.8%
  2. New Zealand: 31.1%
  3. Australia: 37.2%
  4. Japan: 37.8%
  5. Spain: 39.2%
  6. Canada: 40.8%
  7. U.K.: 41.6%
  8. Germany: 43.9%
  9. Greece: 44.5%
  10. Portugal: 46.3%
  11. Ireland: 47.0%
  12. Netherlands: 47.6%
  13. Italy: 50.0%
  14. France: 42.0%
  15. Belgium: 47.9%

(Note: Effective rates are derived by taking total taxes over gross income prior to any deductions (which may include social security) to allow for a better comparison, as deductions can vary greatly across countries. In addition to federal taxes, the US calculation factors in the income taxes of the state of New York (which vary by state) as a national number (state income taxes vary by state), the Canadian calculation factors in the income taxes of the province of Ontario (which vary by province) and the Swiss calculation factors in Zurich canton and community income taxes which may vary by canton throughout the country.) For a complete list of all 96 countries in the report go here.

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