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Okay. 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/indicat
by johnnyanmac 9mo ago
Okay. 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 9mo 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