Tax rates in the European Union have reversed a downward trend that bottomed out in 2005 and are now edging back up. The overall EU tax rates on GDP rose to 39.9% in 2006 up from 33.3% in 2005, with Denmark setting the highest rate at 49.1% of GDP in that nation that provides the highest living standard in Europe. The average EU tax rate is about 12 percentage points higher than in the US and Japan. Of the three principal components of tax, income tax rose slightly, as did consumption taxes but taxes on capital rose substantially in the EU from 26.8% in 2005 to 29%. Denmark also led the way in taxes on consumption with a monster 34%.
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