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In 2022 Norway increased wealth tax to 1.1%, expected to bring in an additional $146M tax revenue. Individuals with a net worth of $54B left the country, led t
by kadabra9 8mo ago
In 2022 Norway increased wealth tax to 1.1%, expected to bring in an additional $146M tax revenue.
Individuals with a net worth of $54B left the country, led to a $594M loss in tax revenue.
https://citizenx.com/insights/norway-wealth-exodus/ https://citizenx.com/insights/norway-wealth-exodus/
- johnnyanmac 8mo agoOkay. And let's look at Norway'S GDP as a result https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=NO&start=2020 https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?location... It fell, like much of the post COVID world. But somehow, I don't think that 600m tax opportunity cost contributed to 112 billion dollar drop in GDP. And then after that it basically stayed flat (rose by 1 billion, or.2% rise) So, not too convinced this is a net loss for society. Studies in New York (pre Mamdmi) show that more people will come in than leave if the area is desired enough. >https://www.governing.com/finance/taxing-millionaires-will-send-them-fleeing-not-so-much https://www.governing.com/finance/taxing-millionaires-will-s... Spoilers: turns out COVID causing impact to social life impacted emigration more than any wealth tax. Then after COVID things bounced back.
- kadabra9 8mo agoI didn’t say the tax gap caused the drop in GDP. I did say the capital flight caused the tax to wildly underperform revenue estimates, which is objectively true. I love how this goes from “there’s no evidence wealthy move” to, when presented with evidence wealthy move, “well, ok, I’m not convinced this is a net loss for society” Keep moving those goalposts