What country has 70% taxes?
Alexandria Ocasio-Cortez's suggested 70 percent marginal tax rate has conservatives and centrists freaking out. But Sweden shows that soaking the rich is the smart thing to do.
The long-troubled west African country Ivory Coast has the highest income tax rate in the world. It sure is a frontier market with a unique profile, but for such a low quality of life, we can't find a reason why someone would settle for paying their government most of their income.
| Band | Rate | Income after allowances 2023 to 2024 |
|---|---|---|
| Starting rate for savings | 0% | Up to £5,000 |
| Basic rate | 20% | Up to £37,700 |
| Higher rate | 40% | £37,701 to £125,140 |
| Additional rate | 45% | Over £125,141 |
Among European OECD countries, the average statutory top personal income tax rate lies at 42.8 percent in 2024. Denmark (55.9 percent), France (55.4 percent), and Austria (55 percent) have the highest top rates. Hungary (15 percent), Estonia (20 percent), and the Czech Republic (23 percent) have the lowest top rates.
In Sweden, the average single worker faced a net average tax rate of 24.3% in 2022, compared with the OECD average of 24.6%.
| Income from (SEK) | Income To (SEK) | Rates (%) |
|---|---|---|
| 185,701.00 | 463,000.99 | 28 |
| 463,001.00 | 598,500.99 | 34 |
| 598,501.00 | 775,900.99 | 54 |
| 775,901.00 | 999,999,999.00 | 57 |
The IRS taxes the richest Americans at 37%, whereas the top federal tax rate in Canada is 33%. Wealthy Americans have access to many tax deductions that Canada's Alternative Minimum Tax does not allow.
| Federal tax bracket | Federal tax rates |
|---|---|
| $53,359 or less | 15.00% |
| $53,360 to $106,717 | 20.50% |
| $106,718 to $165,430 | 26.00% |
| $165,431 to $235,675 | 29.00% |
| Tax rate | Single filers | Married filing separately |
|---|---|---|
| 10% | $0 to $11,000 | $0 to $11,000 |
| 12% | $11,001 to $44,725 | $11,001 to $44,725 |
| 22% | $44,726 to $95,375 | $44,726 to $95,375 |
| 24% | $95,376 to $182,100 | $95,376 to $182,100 |
The first part of your income, up to a certain amount, is taxed at 20%. This is known as the standard rate of tax and the amount that it applies to is known as the standard rate tax band. The rest of your income is taxed at the higher rate of tax, 40%.
Are US taxes higher than Europe?
In general, taxes in Europe vs US tend to be higher. When considering Denmark taxes vs US, the income tax can vary from 8 to 56.5 percent. In the case of German tax rates vs US, it can be anything from 9 to 45 percent plus a 5.5 percent solidarity surcharge if applicable.
Among the countries with the lowest tax rates in the world are Malta, Cyprus, Andorra, Montenegro and Singapore. Aside from zero income tax, in Antigua and Barbuda, individuals are also free from paying taxes on wealth, capital gains, and inheritance.
Contrary to popular opinion, Switzerland does not allow foreign individuals to live and bank in its borders tax-free. However, wealthy individuals can pay a low, lump-sum option on the money they bank inside the country, and the government considers their taxes paid.
The maximum overall rate of federal income tax is 11.5%. The various cantonal and municipal taxes are also levied at progressive rates, with a maximum combined cantonal and municipal rate of approximately 36%. In addition, cantonal and municipal net wealth taxes are levied.
An individual who is fully tax resident in Denmark will, as a main rule, be taxed according to the ordinary tax scheme by up to 52.07% (55.90% including AM tax, which is also income tax for DTT purposes) in 2023. A number of deductions are applicable; consequently, the effective tax rate is lower in most cases.
Sweden's top personal tax rate of 52.3 percent applies to all income over 1.1 times the average national income. In comparison, the United States levies its top personal income tax rate of 43.7 percent (federal and state combined) at 8.5 times the average U.S. income (at around $530,000).
The average salary in Sweden is around SEK 481,200 per year or SEK 40,100 per month. However, this figure isn't a one-size-fits-all figure. The amount you can potentially earn is heavily influenced by your particular circ*mstances and the field you have chosen to pursue.
What is the median income for tech workers in Sweden? The average salary for tech workers in Sweden is SEK 43,000 per month. The average salary for tech workers in Sweden varies greatly depending on speciality and company, with the highest average salaries as high as SEK 50,000.
Median salary is 31,700SEK per month before tax, so 30k put you close to the middle. Median means that there are as many making more money as there are making less. Mean salary is 35200. So yes, there is convincing evidence that you can live on 30k.
On average, living in the USA tends to be more expensive compared to Canada. However, it's vital to understand that these costs vary significantly within each country. While some expenses may be higher in Canada, such as food and real estate, the USA faces higher costs in areas like healthcare and education.
Are British taxes higher than us?
UK taxes are generally higher than in the US. Depending on where you live and how much you earn, UK personal income taxes can reach rates as high as 45% — significantly higher than the top US income tax rate of 37%. UK capital gains tax rates, meanwhile, top out at 28% while US capital gains tax rates max out at 20%.
Yes, an American citizen can move to Canada permanently through various immigration programs. One popular option is the Express Entry system, which is a points-based system that considers factors such as age, education, work experience, and language proficiency.
| Taxable Income | Tax on this Income | Marginal tax rate |
|---|---|---|
| $0–$18,200 | Nil | 0% |
| $18,201–$45,000 | 19c for each $1 over $18,200 | 19% |
| $45,001–$120,000 | $5,092 plus 32.5c for each $1 over $45,000 | 32.50% |
| $120,001–$180,000 | $29,467 plus 37c for each $1 over $120,000 | 37% |
| Income | Tax Rate |
|---|---|
| Less than 9.984 euros | 0% |
| 9.985 - 58.596 euros | 14% to 42% |
| 58.597 - 277.825 euros | 42% |
| More than 277.826 euros | 45% |
Find out what the average Good salary is
The average good salary in Canada is $44,850 per year or $23 per hour. Entry-level positions start at $34,166 per year, while most experienced workers make up to $91,357 per year.
