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According to the OECD, Denmark (26.4 percent), Norway (19.7 percent), and Sweden (22.1 percent) all raise a high amount of tax revenue as a percent of GDP from individual income taxes and payroll taxes. This is compared to the 15 percent of GDP raised by the United States through its individual income taxes and payroll taxes for instance.
In order to raise a lot of income tax revenue, income tax rates in Scandinavian countries are rather high except for that of Norway. Denmark's top marginal effective income tax rate is 60.4 percent. Sweden's is 56.4 percent. Norway's top marginal tax rate is 39 percent.
Scandinavian income taxes raise a lot of revenue because they are actually considered flat. In other words, they tax most people at high rates, not just the high-income taxpayers. The top marginal tax rate of 60 percent in Denmark applies to all income over 1.2 times the average income in Denmark.
Sweden and Norway have similarly flat income tax systems. Sweden's top marginal tax rate of 56.9 percent applies to all income over 1.5 times the average income in Sweden. Norway's top marginal tax rate of 39 percent applies to all income over 1.6 times the average Norwegian income.
What else can I help you with?
Why are taxes high in Scandinavian countries?
Social Services and Nanny States
Why are taxes in Scandinavian countries so high?
Social Services and Nanny States
What economic system stresses the use of high taxes in order to pay for public services?
Socialism, at least in its Scandinavian form, stresses the use of high taxes in order to pay for public services.
Where is the highest taxes?
In the Scandinavian countries, first of which is the Denmark.
What is the meaning of high taxes?
High Taxes are taxes in large amount. These taxes can be of various services.
What is the smallest Scandinavian country with a high population density?
Denmark
What are the release dates for New Scandinavian Cooking - 2003 A Ship with High Spirits - 6.8?
New Scandinavian Cooking - 2003 A Ship with High Spirits - 6.8 was released on: USA: 2008
What are the release dates for New Scandinavian Cooking - 2003 A Ship with High Spirits 6-8?
New Scandinavian Cooking - 2003 A Ship with High Spirits 6-8 was released on: USA: 2008
What is the meaning of taxes?
High Taxes are taxes in large amount. These taxes can be of various services.
Which is the smallest Scandinavian country with a high population density?
Denmark is the smallest Scandinavian country with a high population density. Its size is relatively small compared to Norway and Sweden, but it has a higher population density due to its larger population.
Why is Harry S. Truman nicknamed High-tax Harry?
Because he wanted high taxes
Why do Scandinavian countries have high taxes?
According to the OECD, Denmark (26.4 percent), Norway (19.7 percent), and Sweden (22.1 percent) all raise a high amount of tax revenue as a percent of GDP from individual income taxes and payroll taxes. This is compared to the 15 percent of GDP raised by the United States through its individual income taxes and payroll taxes for instance. In order to raise a lot of income tax revenue, income tax rates in Scandinavian countries are rather high except for that of Norway. Denmark's top marginal effective income tax rate is 60.4 percent. Sweden's is 56.4 percent. Norway's top marginal tax rate is 39 percent. Scandinavian income taxes raise a lot of revenue because they are actually considered flat. In other words, they tax most people at high rates, not just the high-income taxpayers. The top marginal tax rate of 60 percent in Denmark applies to all income over 1.2 times the average income in Denmark. Sweden and Norway have similarly flat income tax systems. Sweden's top marginal tax rate of 56.9 percent applies to all income over 1.5 times the average income in Sweden. Norway's top marginal tax rate of 39 percent applies to all income over 1.6 times the average Norwegian income.
