The Highest Tax Rates In The World

We love to complain about how much we pay in taxes. In truth, we don’t pay that much. There are other suckers who pay the highest tax rates in the world, so let’s take a look. 

Governments are bad at many things, but they are very good at coming up with ways to tax their people. The problem is they all do it differently. Some have property taxes, some have income taxes, some have value added taxes and, well, you get the idea. The only real way to figure them out is as a percentage of the gross domestic product of the country. As a matter of comparison, we in the United States pay between 24 and 28 depending on how you figure it. With this in mind, let’s start the countdown. 

10. Slovenia. You may know little about it, but it is a great little country. It has rolling hills that are staggeringly beautiful and, frankly, the entire country is insanely beautiful. Unfortunately, it is also taxed to the hilt. The two million or so citizens pay the equivalent of 37.9 percent of the gross domestic product in taxes. 

9. Hungry. Another Eastern European country you probably don’t know much about. Frankly, you want to check this country out. It is absolutely beautiful and a great place to visit. The city of Budapest is simply staggering. I’ll take it over Paris. Unfortunately, the tax situation is brutal. Hungarians pay the equivalent of 39.1 percent of the GDP in taxes. 

8. Norway.  Norway is an interesting country because it is very first world, but also pursues very massive social platforms. You get free health care and so on. These programs come with a big cost and citizens pay about 41 percent of GDP for them. Obviously, they feel it is worth it. 

7. France.  France is another country with a long history of strong social programs for its people much like Norway. Sarkozy has tried to turn this back a bit and has been met with severe opposition. Still, France pays a rather staggering 41.9 percent of its GDP in taxes. Despite this, it still has a massive national debt. 

6. Austria. Austria is a beautiful country. Salzburg and Vienna are amazing cities. The ski resorts in the mountains are amazing. The entire country is amazing…and expensive. The citizens are also taxed to death, paying a total of 42.8 percent of the GDP in taxes. Yikes. 

5. Finland. Much like Norway, we are looking at a country with extremely strong social programs and these come with a price. Fins pay the equivalent of 43.1 of their GDP in taxes. 

4. Belgium. Know as the blandest country in Europe, Belgium is actually a country with a very hazy future. The problem is the country may split in two as it is made up of two unique populations that simply don’t want to be together. Perhaps it is the tax rate, which is the equivalent of 43.2 percent of GDP. 

3. Italy. Surprised? Don’t be. Italy oozes culture. Unfortunately, it also oozes corruption and inefficiency. It is a country with massive economic problems and is considered one of the PIIGS – the group of European countries that may default on their debt. Italy is in dire straights because they owe so much, but already have a huge tax rate at the equivalent of 43.5 percent of GDP. In short, they can’t really raise more money through raising taxes and cutting spending may cause a revolution. Italy is beautiful and cultured, but economically it is a disaster through and through. 

2.  Sweden. No surprise here. The Swedes love their social programs and are willing to pay for them. They love the free healthcare, education and what have you so much that they are willing to pay the equivalent of 46.4 percent of their gross domestic product in taxes. With a life expectancy of 81, perhaps they are on to something. 

1. Denmark. The Danes are a tiny country, but they love to party. Trust me, my liver remembers. A very nice country with an even nicer collection of people, spending time in Denmark should be on your bucket list. That being said, you don’t want to settle there. Not with a tax rate the equivalent of 48.2 of the gross domestic product of the country. Then again, the life expectancy is 79 years so they must be doing something right. 

The next time you complain about paying taxes, keep in mind it could be worse. Just imagine if you lived in any of these countries!