3 ms·

They certainly have had that effect in Norway: https://www.brusselsreport.eu/2024/09/11/the-failure-of-norways-wealth-tax-hike-as-a-warning-signal/ https://www.

They certainly have had that effect in Norway: https://www.brusselsreport.eu/2024/09/11/the-failure-of-norways-wealth-tax-hike-as-a-warning-signal/ https://www.brusselsreport.eu/2024/09/11/the-failure-of-norw...

mcny 10mo ago
Meh. Good riddance.
- WithinReason 10mo ago
  $146M expected increase in tax revenue turned into $594M loss, good riddance to taxes as well I guess?
  - mcny 10mo ago
    No, because the whole premise is flawed.
    - Aztro-dev 10mo ago
      I mean you can’t just say that and expect not to elaborate
dv_dt 10mo ago
Norway also ranks as seventh happiest nation in the world. Correlation or causation? https://worldpopulationreview.com/country-rankings/happiest-countries-in-the-world https://worldpopulationreview.com/country-rankings/happiest-...
- antonymoose 10mo ago
  Small, homogenous, a generous welfare system, and with a massive sovereign wealth fund thanks to wise oil exploitation.
  - dv_dt 10mo ago
    So a well managed goverment-involved outcome. The whole point is happiness, not some preconceived need for high taxes or low taxes.
    - lucaspm98 10mo ago
      Sure this seems to have worked in high-trust homogenous society with similar values and goals. They have a very high baseline of wealth given abundant natural resources that'd need active mismanagement to not have a strong economy. Extending their taxation or economic system to a larger, more populous, diverse, and economically fractured society would lose most of the reasons they're succeeding.
      - deleted 10mo ago
        [deleted]
      - dv_dt 10mo ago
        The question is still circumstantial correlation or causation with these factors. What you can conclude is that high taxes do not impede happiness or economic prosperity.
tetris11 10mo ago
I do wonder still if the country is better off. Billionaires investing in an area tends to skyrocket rent, housing tax from greedy councils, and skews food and utilities upwards too. The loss of the richest man in the village might mean the baker now has to kowtow his prices to his less well-to-do neighbours again
- ericmcer 10mo ago
  Seriously as someone who grew up in the Bay Area. I am here for the weather, family and friends. I don't care if billionaires leave and real estate prices normalize at the cost of a bunch of tech jobs. That said I wish we would take a look at spending before we just keep raising taxes and then a year later saying "how are we gonna get even more money?". California has an insane amount of wealth per person and one of the highest state tax rates. Can they really not figure out how to operate with their current budget?
actuallyalys 10mo ago
I did notice that the writer says he was commissioned to cowrite a report that will be the basis for a lawsuit against the tax: > Four Norwegian entrepreneurs have commissioned yours truly, Dr. Laura Melusine Baudenbacher and Professor Dr. Dr. Mads Andenas to write a comparative law study on the Norwegian wealth tax. This report will be the basis for a class action against the Norwegian state. I assume the fact it’s submitted to a court will dissuade the authors from making totally unsubstantiated claims, but it still seems like there’s a strong financial incentive for them to reach negative conclusions about the tax.

mcny 10mo ago

Meh. Good riddance.

WithinReason 10mo ago
$146M expected increase in tax revenue turned into $594M loss, good riddance to taxes as well I guess?
- mcny 10mo ago
  No, because the whole premise is flawed.
  - Aztro-dev 10mo ago
    I mean you can’t just say that and expect not to elaborate

dv_dt 10mo ago

Norway also ranks as seventh happiest nation in the world. Correlation or causation? https://worldpopulationreview.com/country-rankings/happiest-countries-in-the-world https://worldpopulationreview.com/country-rankings/happiest-...

antonymoose 10mo ago
Small, homogenous, a generous welfare system, and with a massive sovereign wealth fund thanks to wise oil exploitation.
- dv_dt 10mo ago
  So a well managed goverment-involved outcome. The whole point is happiness, not some preconceived need for high taxes or low taxes.
  - lucaspm98 10mo ago
    Sure this seems to have worked in high-trust homogenous society with similar values and goals. They have a very high baseline of wealth given abundant natural resources that'd need active mismanagement to not have a strong economy. Extending their taxation or economic system to a larger, more populous, diverse, and economically fractured society would lose most of the reasons they're succeeding.
    - deleted 10mo ago
      [deleted]
    - dv_dt 10mo ago
      The question is still circumstantial correlation or causation with these factors. What you can conclude is that high taxes do not impede happiness or economic prosperity.

tetris11 10mo ago

I do wonder still if the country is better off. Billionaires investing in an area tends to skyrocket rent, housing tax from greedy councils, and skews food and utilities upwards too. The loss of the richest man in the village might mean the baker now has to kowtow his prices to his less well-to-do neighbours again

ericmcer 10mo ago
Seriously as someone who grew up in the Bay Area. I am here for the weather, family and friends. I don't care if billionaires leave and real estate prices normalize at the cost of a bunch of tech jobs. That said I wish we would take a look at spending before we just keep raising taxes and then a year later saying "how are we gonna get even more money?". California has an insane amount of wealth per person and one of the highest state tax rates. Can they really not figure out how to operate with their current budget?

actuallyalys 10mo ago

I did notice that the writer says he was commissioned to cowrite a report that will be the basis for a lawsuit against the tax: > Four Norwegian entrepreneurs have commissioned yours truly, Dr. Laura Melusine Baudenbacher and Professor Dr. Dr. Mads Andenas to write a comparative law study on the Norwegian wealth tax. This report will be the basis for a class action against the Norwegian state. I assume the fact it’s submitted to a court will dissuade the authors from making totally unsubstantiated claims, but it still seems like there’s a strong financial incentive for them to reach negative conclusions about the tax.