Note that Portugal has a progressive tax structure. The top tax bracket does seem to be 48%, but only on income over 81,199 euros. The 45% tax bracket applies to income between 51,997 euros and 81,199 euros - etc. etc. etc. There is an investment (interest, dividends, etc.) of 28%. It's important to factor in the income/tax brackets before calculating your actual total tax rate.
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