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>> Even better: let the IRS prepare your taxes for you. Accept their filing or file your own (optional) return. That's the way it has been done in Norway (and

by lb1lf 4y ago

>> Even better: let the IRS prepare your taxes for you. Accept their filing or file your own (optional) return. That's the way it has been done in Norway (and probably a host of other countries) in later years. I received my tax return for review a few days ago; all income, debt, possessions of note, deductions for kids, tax deductable gifts &c were already filled in; after a few minutes comparing key numbers to my files, I simply clicked 'Submit', and that was that.

jeron 4y ago
And that’s why Norway has been one of the happiest countries for many years
- settrans 4y ago
  That, and the unfathomable sovereign wealth courtesy of nature's generous bequest of oil.
  - icefo 4y ago
    Norway is far from being the only that has oil but to me it seems it has / had the best management of this resource. From what I understand the money doesn't go to a few people / companies but a good part is used to prop up the economy. https://en.wikipedia.org/wiki/Energy_in_Norway https://en.wikipedia.org/wiki/Energy_in_Norway
    - Thlom 4y ago
      Most of the oil money goes to the sovereign wealth fund, but the industry itself is huge including both drilling operations, corporate and a gigantic service sector and so on which of course participates directly in the economy. Oil is taxed at a very high rate and that tax money is what goes to the sovereign wealth fund. F.ex. Equinor, the majority state owned oil company payed 50 billion dollars in tax for 2022. Some of the funds profit can be used to prop up the state budget, but it's regulated so as to not over heat the economy.
      - lb1lf 4y ago
        This is an important point; rather than just serving as a supplier of the raw resource, local industry has developed lots of equipment which is used within the oil&gas sector worldwide, ensuring we have something to fall back on when we're done pumping hydrocarbons out of the ground. The industry is currently seeing the writing on the wall, though, and is trying to reinvent itself in a greener hue - for instance, my employer, who's been developing handling systems for ROVs and various seismic exploration equipment are now going all in on motion compensated walkways intended to bring crew and equipment out to offshore wind turbines. Anyway, once petrodollars dwindle, we are reasonably well positioned to handle the transition. These are exciting times for engineers!
  - magicalhippo 4y ago
    Finland doesn't have oil and scores higher than us, so clearly not the major factor.

by lb1lf 4y ago

jeron 4y ago

And that’s why Norway has been one of the happiest countries for many years

settrans 4y ago
That, and the unfathomable sovereign wealth courtesy of nature's generous bequest of oil.
- icefo 4y ago
  Norway is far from being the only that has oil but to me it seems it has / had the best management of this resource. From what I understand the money doesn't go to a few people / companies but a good part is used to prop up the economy. https://en.wikipedia.org/wiki/Energy_in_Norway https://en.wikipedia.org/wiki/Energy_in_Norway
  - Thlom 4y ago
    Most of the oil money goes to the sovereign wealth fund, but the industry itself is huge including both drilling operations, corporate and a gigantic service sector and so on which of course participates directly in the economy. Oil is taxed at a very high rate and that tax money is what goes to the sovereign wealth fund. F.ex. Equinor, the majority state owned oil company payed 50 billion dollars in tax for 2022. Some of the funds profit can be used to prop up the state budget, but it's regulated so as to not over heat the economy.
    - lb1lf 4y ago
      This is an important point; rather than just serving as a supplier of the raw resource, local industry has developed lots of equipment which is used within the oil&gas sector worldwide, ensuring we have something to fall back on when we're done pumping hydrocarbons out of the ground. The industry is currently seeing the writing on the wall, though, and is trying to reinvent itself in a greener hue - for instance, my employer, who's been developing handling systems for ROVs and various seismic exploration equipment are now going all in on motion compensated walkways intended to bring crew and equipment out to offshore wind turbines. Anyway, once petrodollars dwindle, we are reasonably well positioned to handle the transition. These are exciting times for engineers!
- magicalhippo 4y ago
  Finland doesn't have oil and scores higher than us, so clearly not the major factor.