Despite turbulent economic trends, G-20 members have barely changed their top rates of income tax. As KPMG’s most recent Individual Income Tax and Social Security Rate Survey shows, only 15 percent of the 96 countries surveyed worldwide have made changes to their rates of income tax. Switzerland continues to have one of the highest top personal tax rates in Europe.
KPMG’s Individual Income Tax and Social Security Rate Survey, which is carried out each year, shows that the rates of income tax barely changed in 2011. Spain is the only country among the world’s 20 largest economies (defined by GDP) that adjusted its top income tax rate: The maximum tax rate for individuals was increased from 43 to 45 percent. Among the G-20 member countries, however, there was no change to the top tax rates.