Who pays the most income tax in the world?

5. (Tied) Austria
Highest income tax rate: 50%
Average 2010 income: $50,700

Austria, which is often ranked as one of the world’s best places to live, levies a high income tax and social security burden on households.

Its highest marginal tax rate comes into effect at $80,000 of taxable income. The country’s social security rate ranges from 17 percent to 18 percent. Special payments for workers like a holiday bonus are also taxed at 6 percent, up... more 

5. (Tied) Austria
Highest income tax rate: 50%
Average 2010 income: $50,700

Austria, which is often ranked as one of the world’s best places to live, levies a high income tax and social security burden on households.

Its highest marginal tax rate comes into effect at $80,000 of taxable income. The country’s social security rate ranges from 17 percent to 18 percent. Special payments for workers like a holiday bonus are also taxed at 6 percent, up to a limit of one-sixth of the annual income. Annual property tax is levied by municipalities at a rate of 0.5 percent to 1 percent of the property’s value. Other notable taxes include a capital gains tax of 25 percent.

In April, the Austrian government nailed down a crucial deal with Switzerland to tax money stashed away by its citizens in secret Swiss bank accounts. The existing funds will be taxed between 15 percent to 38 percent based on the size of the deposits and is expected to bring in $1.3 billion in revenue starting in 2013. The government estimates about $12 billion to $20 billion in undeclared funds are parked in Swiss accounts.

Pictured: Street in Vienna less