World Business NewsA round up of the latest news for those doing business internationally
US has relatively favorable Income Tax policies
Zone(s): USA, Global ¦ Sector(s): Taxation, Employment
The average individual income tax bill was $8,196 and the average payroll tax bill was $8,462, amounting to a total average tax bill of $16,658. Without these taxes, US workers would, on average, have an average take home salary of $53,223. The TF noted that the highest total tax burden on wage income was in Belgium in 2013 at 55.8 percent, followed by Germany (49.4 percent) and Austria (49.0 percent). The country with the lowest total tax rate on labor was Chile at only 7 percent. New Zealand had the second lowest effective rate at 16.9, followed by Mexico at 19.2 percent.