These 15 countries pay more in taxes than Americans

You're not alone if the thought of paying taxes worries you. In the U.S., individual tax rates are based on income and organized into seven current tax brackets ranging from 10 percent up to 39.6 percent.

Although regular, noncorporate U.S. citizens have every right to get angry about that stat, there's at least a little good news out there: Individuals in these 15 countries pay more in taxes than U.S. taxpayers — way, way more taxes, according to top marginal tax rates compiled by GOBankingRates and sourced from Big Four accounting firm KPMG.

Click through to see which countries could be more expensive for residents when it comes to taxes.

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Countries that pay more in taxes than Americans
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Countries that pay more in taxes than Americans

Australia

Individual Rate: 45%

Although it might seem high, 45 percent is still at the low end globally. In Switzerland and Korea, for instance, the individual income tax rate is 40 percent while Italians pay 43 percent.

Down Under, the first $18,200 of your yearly income — about $14,321 in the U.S. — isn't taxed at all, and corporations only pay 30 percent in taxes. The largest portion of taxes go toward funding Social Security and welfare, including assistance for the elderly, unemployed and disabled.

Click through to see how much it costs to live in Australia

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France

Individual Rate: 45%

French corporations pay a 33.33 percent tax rate. For individuals, the 45 percent is divided into income tax, Social Security contributions and tax on goods and services. The French also pay a wealth tax, which residents pay on their total worldwide assets every year. Starting at 800,000 euros — US$984,742 — the tax is 0.5 percent; for more than 10 million euros in assets — US$12.3 million — it's 1.5 percent.

In Europe, 45 is a much more popular number than it is in America. Individuals in the U.K., Spain, Germany and Greece also pay a 45 percent income tax rate.

Find Out: What America Can Learn From These 6 Countries' Retirement Programs 

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Iceland

Individual Rate: 46%

Although corporate taxes in Iceland are only 20 percent, individuals pay at least 5.5 percent more than Americans. Value added tax rates range from 11 to 24 percent, and, in addition to pension funds, all companies pay a mandatory contribution of 7.35 percent of salary costs toward Social Security, market charges and the country's bankruptcy fund. 

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Norway

Individual Rate: 46.27%

Here's a trend that you'll notice going forward: Countries that pay higher taxes tend to take care of their citizens much better than the United States.

Norway is a welfare state, meaning that taxes go toward public benefits offered to all, including universal healthcare, housing, food and schooling. In 2016, SEB bank found that Norway had the best welfare system in the Nordics. And although the 24 percent corporate taxes in Norway aren't the highest on this list, they aren't the lowest, either. 

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Ireland

Individual Rate: 48%

For an Irish corporation, tax rates are staggeringly low — only 12.5 percent. In fact, some view Ireland as one of the dozen or so tax havens in the world (although some officials dispute the claim).

The 48 percent individual rate more than makes up for the lower corporate tax rate, but the government is very upfront about where the money goes. For those who make 60,000 euros and pay 20,330 euros in taxes, a whopping 6,728 euros goes toward social programs like illness and disability care, pensions and children's services. The next highest category, 4,721 euros, goes to health and children's programs, such as hospital and community care services. 

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Portugal

Individual Rate: 48%

Even the lowest earners in Portugal pay more than Americans, with a tax rate of 14.5 percent on income up to 7,035 euros — about US$8,600 — with those earning more than 80,000 euros — US$98,474 — paying 48 percent.

Similar to France, Portugal institutes a wealth tax of 0.3 percent on the total value of properties worth more than 600,000 euros or US$738,556. Corporations in Portugal pay 21 percent.

Get the Inside Scoop: Tax Loopholes and Strategies the Rich Don't Want You to Know 

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Luxembourg

Individual Rate: 48.78%

In Luxembourg, the OECD reports that tax on personal income makes up 9.2 percent of the gross domestic product. The corporate tax rate is 27.08 percent, and a small part of VAT taxes in Luxembourg go toward the EU budget, a program that supports European member states with agricultural, research and regional development programs. 

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Slovenia

Individual Rate: 50%

Paying half of your income in taxes might seem steep, but Slovenia is just the first of many countries that cross the 50 percent threshold. These personal income taxes only make up 5.3 percent of the country's gross domestic product, and at a tax rate of only 19 percent, it doesn't seem that corporations are making up the difference.

Find Out: Is Your State Richer Than These Countries? 

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Israel

Individual Rate: 50%

For income up to 63,240 NIS — US$17,964 — Israelis pay 10 percent, just like Americans in the lowest tax bracket. At 50 percent, though, their highest tax bracket is much higher than the U.S.: It kicks in at 50 percent for earners who make over 810,720 NIS or US$230,304.

Employees contribute about 3.5 percent of their monthly salary to national insurance, including health insurance, while employers kick in 3.45 percent. That figure jumps up between 9.82 and 16.23 percent if you're self-employed. Corporations clock in with a 24 percent tax rate. 

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Netherlands

Individual Rate: 52%

Known as a worldwide leader in social policy, corporations in the Netherlands pay a healthy 25 percent tax rate while individuals contribute 52 percent. These contributions power the Netherlands Social Security system, which, as the country's government puts it, operates on a principle that "all members of society must be able to play an equally active role in society."

That means big investments occur in neighborhood-level social programs, youth initiatives and the countrywide Childcare Act, which helps working moms. 

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Finland

Individual Rate: 54%

Finland's 20 percent corporate tax rate is on the lower end, but its individual tax rate isn't. The Finnish do take care not to overburden their lowest earners, however. Those who make between 16,900 and 25,300 euros — or US$20,802 to US$31,142 — only pay about 6.25 percent in taxes. 

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Austria

Individual Rate: 55%

Austria has a progressive rate income tax system, in which the level of tax depends on the income earned. Like in America, income tax and Social Security are withheld from employee wages.

Unlike America, the individual tax rate is 20 percent higher — or 10 percent lower if you're a corporation — and it allows for lots more deductions, including a flat-rate allowance for commuters, professional expenses, hospital charges and a single parent's allowance. 

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Denmark

Individual Rate: 55.8%

Even though Danes pay some of the highest taxes in the world, they are still happy, according to U.S. News & World Report. Social programs like free university tuition, $900 paid monthly to every student and robust universal healthcare help Danes disregard economic and social status, reduce risk and prevent extreme levels of unhappiness. Additionally, corporate taxes in the Kingdom of Denmark are only 22 percent.

Did You Know? These 34 Countries Pay Less for Healthcare Than Americans Do 

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Japan

Individual Rate: 56%

In a sea of northern European countries, Japan stands out as one of the highest taxed countries in the world. Thankfully, you only have to worry about filing taxes if you're self-employed or earn more than 20,000,000 yen — US$184,706 per year.

Otherwise, your income tax is automatically withheld by your employer, and your income is adjusted accordingly at the end of the year. Japan's corporate tax is 30.86 percent. 

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Sweden

Individual Rate: 61.85%

With the Social Democratic Party as its poster child, it should come as little surprise that Sweden pays the highest taxes in the world, excluding corporate tax, which is 22 percent.

The Global Sustainable Competitiveness Index says Sweden has the most competitive economy in the world. That's to say nothing of its leading taxpayer-funded parental leave policies and universal healthcare. 

Photo credit: Getty

Which Countries Pay Less Taxes Than Americans?

The lineup might surprise you — although Canada, Mexico and New Zealand pay just a few percentage points less than American individual tax rates, countries where individual tax rates hover in the 20 percent range include Estonia, Albania, Latvia, Ukraine, the Czech Republic and Singapore.

In addition, every country on the list pays less in corporate taxes than America except for Belgium, which has a corporate tax of 39.99 percent.

Up Next: The Most and Least Tax-Friendly States for Retirees

All 2017 individual tax rates were sourced from KPMG. 

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This article originally appeared on GOBankingRates.com: These 15 Countries Pay More in Taxes Than Americans

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