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2019-07-05
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Countries With the Highest Income Tax for Singles
First, let’s look at the countries with the highest all-in average personal income tax rates at the average wage for a single person with no children.
1. Belgium, 42.0%
Belgium, like many countries we’ll discuss here, has a progressive tax, which means that higher-income individuals pay more taxes than lower-income individuals do. Its top progressive rate is 50%. Income from property, work, investments, and miscellaneous sources is all taxable. Capital gains tax rates depend on the type of capital. Employees also pay a social security tax of 13.07% of their income. The government allows deductions for business expenses, social contributions, and 80% of alimony payments, and there is a personal allowance based on filing status.
2. Germany, 39.7%
Germany levies a progressive income and capital tax that caps out at 45%. Sources of taxable income include agriculture, forestry, business ownership, employment, self-employment, savings and investments, rental property, and capital gains. The first EUR 801 in savings and investment income is not taxed, thanks to the saver’s allowance. There is a 25% withholding tax on interest and dividends and a 15% withholding tax on royalties.
Members of certain churches pay an 8% or 9% church tax, which is tax deductible. Church taxes are levied in many European countries. In some cases only church members are required to pay a percentage of income to the church to which they belong; in others, all taxpayers pay a church tax but have the option of paying it to the state instead of to a religious organization.
The income of up to EUR 8,652 is considered a personal allowance and is not taxed. Other deductions include a percentage of contributions to a statutory pension insurance plan; health insurance premiums; private accident, life, unemployment, and disability insurance premiums; donations to registered charities; and up to EUR 6,000 per year in training for a future profession.
3. Denmark, 36.1%
Denmark’s progressive income tax tops out at 55.8%, and the average individual pays 45%. The Danes pay an 8% Danish labor market contribution tax, a 5% healthcare tax, 22.5% to 27.8% in municipal taxes, social security taxes of DKK 1,080 (USD 164) per year, and capital gains taxes of 27% or 42%. There is a withholding tax of 27% on dividends and 25% on royalties.
Employment income, bonuses, fringe benefits, business income, fees, pensions, annuities, social security benefits, dividends, interest, capital gains, and real estate rental income are all taxable. There is also a voluntary church tax of 0.43% to 1.40%.
Tax deductions are available for limited contributions to approved Danish pensions, unemployment insurance, interest on the debt, charitable contributions, unreimbursed work travel, and double households.
4. Austria, 34.9%
Austrians pay progressive taxes as high as 55% on earned income, which includes employment income and certain fringe benefits. Investmen
First, let’s look at the countries with the highest all-in average personal income tax rates at the average wage for a single person with no children.
1. Belgium, 42.0%
Belgium, like many countries we’ll discuss here, has a progressive tax, which means that higher-income individuals pay more taxes than lower-income individuals do. Its top progressive rate is 50%. Income from property, work, investments, and miscellaneous sources is all taxable. Capital gains tax rates depend on the type of capital. Employees also pay a social security tax of 13.07% of their income. The government allows deductions for business expenses, social contributions, and 80% of alimony payments, and there is a personal allowance based on filing status.
2. Germany, 39.7%
Germany levies a progressive income and capital tax that caps out at 45%. Sources of taxable income include agriculture, forestry, business ownership, employment, self-employment, savings and investments, rental property, and capital gains. The first EUR 801 in savings and investment income is not taxed, thanks to the saver’s allowance. There is a 25% withholding tax on interest and dividends and a 15% withholding tax on royalties.
Members of certain churches pay an 8% or 9% church tax, which is tax deductible. Church taxes are levied in many European countries. In some cases only church members are required to pay a percentage of income to the church to which they belong; in others, all taxpayers pay a church tax but have the option of paying it to the state instead of to a religious organization.
The income of up to EUR 8,652 is considered a personal allowance and is not taxed. Other deductions include a percentage of contributions to a statutory pension insurance plan; health insurance premiums; private accident, life, unemployment, and disability insurance premiums; donations to registered charities; and up to EUR 6,000 per year in training for a future profession.
3. Denmark, 36.1%
Denmark’s progressive income tax tops out at 55.8%, and the average individual pays 45%. The Danes pay an 8% Danish labor market contribution tax, a 5% healthcare tax, 22.5% to 27.8% in municipal taxes, social security taxes of DKK 1,080 (USD 164) per year, and capital gains taxes of 27% or 42%. There is a withholding tax of 27% on dividends and 25% on royalties.
Employment income, bonuses, fringe benefits, business income, fees, pensions, annuities, social security benefits, dividends, interest, capital gains, and real estate rental income are all taxable. There is also a voluntary church tax of 0.43% to 1.40%.
Tax deductions are available for limited contributions to approved Danish pensions, unemployment insurance, interest on the debt, charitable contributions, unreimbursed work travel, and double households.
4. Austria, 34.9%
Austrians pay progressive taxes as high as 55% on earned income, which includes employment income and certain fringe benefits. Investmen
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