Which Countries Have the Highest Taxes?

Americans think that they pay too much in taxes. Countries in other parts of the world pay more than 75 percent personal income tax and/or corporate tax. It is difficult to compare economies since the cost-of-living varies by individual region in each respective country. Regardless, affording to live after paying high taxes is stressful.

Spain

Individual income is taxed at a rate of 36.25 percent. Individual business owners pay between 20 percent and 49 percent in business taxes while corporations are taxed at a flat 25 percent tax. Madrid, Barcelona and Bilbao have the highest median wages in Spain, which are also major tourist destinations.

Monaco

Residents of Monaco pay between 38 percent and 54 percent personal income tax. A flat corporate tax of 33 percent is also in place. Monaco is a major international tourist destination and specializes in hand-crafted tiles. The major export business associated with Moroccan goods helps boost personal income and corporate revenue.

Argentina and Greece

In both Argentina and Greece, personal income tax is 44 percent. This is a high rate but also reflects the tourism that increases the income and/or personal profits of an individual. In Greece, corporations also pay a high tax rate ranging from 33 percent to a maximum of 66 percent.

Closing Thoughts

These are only a few countries with high tax rates in the world, on both personal income and corporate income levels. Several of these areas are taxed at higher rates due to their location and the amount of revenue that tourism and exportation of goods bring in. In most other countries, personal income taxes are not broken down by income level, but are taxed at a flat rate.

Image credit: Sarah Altendorf