Income tax rates vary highly from country to country and are subject to earnings, marital status and other variables.
In a 2015 post by Forbes, Statista a statistics portal concluded the top 10 countries with the highest income tax rate. According to the OECD a single individual on an average salary with no dependents will have to pay the highest income tax rate.
An article written by the BBC with a study cited from PriceWaterhouseCoopers (PWC) gives an example of a how much a high income earner with a mortgage is left with after tax and social security obligations.
The wage earner is left with the following proportion of their salary, assuming a salary of $400k, is married with two children and has a mortgage of $1.2 million.
- Italy – 50.59% (left with $202,360 of the $400,000 salary)
- India – 54.90%
- United Kingdom -57.28%
- France – 58.10%
- Canada -58.13%
- Japan – 58.68%
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Australia- 59.30%
- United States – 60.45% (New York state tax)
- Germany – 60.61%
- South Africa – 61.78%
- China – 62.05%
- Argentina – 64.02%
- Turkey – 64.64%
- South Korea – 65.75%
- Indonesia – 69.78%
- Mexico -70.60%
- Brazil – 73.32%
- Russia – 87%
- Saudi Arabia – 96.86% (left with $387,400 of the $400,000 salary)
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