10 Countries with Highest Income Tax Rates

6. Austria
Highest income tax rate: 50 percent

Austria is considered as the best places to live, but the government has very high income tax and social security tax provisions for its citizens. Austria charges 17 to 18 percent for the social security tax.

There is another tax levied on workers for the holiday bonus, which is taxed at 6 percent. Property tax is levied at 0.5 percent to 1 percent. Apart from this, Capital gains of 25 percent are taxed.

7. Netherlands
Highest income tax rate: 52 percent

Netherlands, which is also called as Holland has the highest tax rate of 52 percent, which is even higher than the average rate of 45.7 percent in Western Europe.

Generally, the annual property tax ranges between $470 and $800. Apart from this, capital gains tax of 25 percent and an inheritance tax which ranges between 10 percent and 40 percent are also made liable for the citizens.

Since Holland, is facing recession from past 6 months now, the country has decided to stop the incomes of all the civil servants, so that by the end of 2013 the government can save $3 billion.

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