And I thought we Americans had it bad. But at a top rate of 35 percent (doesn't include state and local taxes), we're way better off than Sweden, at 56%, who edged out Denmark for the bragging rights of having the highest personal income tax in the world.
KMPG's Individual Income Tax and Social Security Rate Survey notes that, "The majority of rate movement in 2010, particularly upwards, comes from Europe. The highest personal income taxes in the world are still paid by citizens of the European Union (EU) where average rates went up by 0.4 percent over the past year."
And yet governments around the world, having confiscated so much boodle, are still running deficits. Here in the U.S., the Fed may print more money --- as the price of gold and oil soar. Reuters noted that "the world's wealthiest peole have responded to economic worries by buying gold by the bar -- and sometimes the ton -- and by moving assets out of the financial system."
The study also says, "After the Europeans, the next highest taxes are paid by the people of the Asia-
Pacific region but the margin continues to spread." Even in tax rates in Eastern Europe, which boasts flat tax schedules versus progressive taxation, has quit lowering taxes and in some cases raised them.
As Investors Business Daily says today in an editorial, "The world needs to regain its fiscal and monetary santigy. Stop printing money. Cut taxes and spending. Pursue free trade."