16. Korea, Republic of
> Personal income tax rate 2021: 45.00%
> Total population: 51,780,579
South Korea has eight national income tax brackets with the highest marginal rate applying to annual taxable income above 1 billion won ($844,409). The top tax rate increased as of Jan. 1, 2021. It was 42% in the three years prior. South Korea also applies a nationwide progressive local marginal income tax of between 0.6% and 4.5%.
> Personal income tax rate 2021: 45.78%
> Total population: 632,275
Luxembourg divides income tax filers into classes based on family status: one for single people, a second for married couples or civil partners, and a third for single people with children and people aged at least 65 by the start of the tax year. The top tax bracket includes a 7%-9% solidarity tax.
> Personal income tax rate 2021: 46.25%
> Total population: 366,425
Iceland has three income tax brackets, each covering both a state and a municipal tax. The highest tax rate applies to income above 11,758,159 krÃ³[h]na ($89,579) and is divided between the state (31.8%) and the municipality (14.45%).
> Personal income tax rate 2021: 47.00%
> Total population: 47,351,567
Spain charges no income tax on income below 12,450 euros ($14,121), and its highest rate is levied on income above 300,000 euros ($340,272). Income taxes vary depending on the Spanish Autonomous Community (the Spanish equivalent of states) where the tax filer resides.
> Personal income tax rate 2021: 48.00%
> Total population: 4,994,724
Ireland has only two primary income tax brackets — 20% and 40%. The top rate applies to taxable income above 35,300 euros ($39,947) for a single person. There is an additional income tax called the Universal Social Charge. The top rate of USC (8%) applies to gross income above 70,044 euros ($79,265).
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