(And you wonder why people are always posting to HN about how they can't hire anyone. The problem is not that people don't want to work for you. The problem is that you can't afford them.)
We do still manage to have a pretty good economic output and some business success stories though, so there might be something to be said for working fewer hours.
It probably varies a lot depending on company culture. A friend working at a startup recently got hi-5's from the bosses when he said he had worked 11 hours a day the entire previous week, no talk about taking compensation leave to rest or anything like that. At my company (not a startup) an 11 hour day would be pretty extreme, and if my boss was aware he would probably insist I come in late the following day.
From my personal experience I can say these guidelines are not strictly adhered. The young, university educated people I hang out with all work more then 40 hours and take about 20 vacation days and work 40-60 hours, more if necessary.
However I think direct comparison is pretty hard. What does count towards the total amount worked? For example including social drinks in their total biasing the amount upwards.
"Nanny-Culture, Lack of Risk Taking, Not Sharing What makes Finland such a wonderful place to live and raise a family may ultimately be what kills it as a startup hub."
And I think the general first-world deviation isn't that big either, apart from the Koreans (and to a minor degree, Americans).
So e.g. 2 week vacation == 10 work days off.
As for taxes, I'm Norwegian, live in the UK and looked into moving to California. At my income level taxes would end up within 2-3 percentage point of each other regardless of which of the three places I'd live.
Difference being I'd get far more services for my tax money in the UK or Norway.
There certainly are places in the US where you'd pay far less taxes than in almost all of Europe, but far from everywhere.
If not that, it's when they go to the doctor in France and ask about billing and get a funny stare.