5. (Tied) Austria

Highest Income Tax Rate: 50 Percent

Austria’s social security rate ranges from 17 percent to 18 percent and the Australian pay a personal tax of 50 percent of their income earned. Even for holiday bonus of employees are taxed at 6 percent, up to a limit of one-sixth of their annual income. Austria, which is often referred as one of the world’s best places to live, levies a high income tax and social security burden on its citizens.

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4. Netherlands

Highest Income Tax Rate: 52 Percent

The Netherlands tax rate of 52 percent is much higher than the regional average of 45.7 percent in Western Europe. But still the present tax rate on income is doesn’t pinch the people of Netherland as it did in the past with 72 percent tax rate. In 1990, tax rate changed to 60 percent and then it was reduced further in 2011to the existing rate. The other individual tax includes wage tax, capital gains tax, property tax, a land transfer tax and an inheritance tax.

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