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0 pointskadabra91mo ago0 comments

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/

0 comments

Okay. And let's look at Norway'S GDP as a result

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-s...

Spoilers: turns out COVID causing impact to social life impacted emigration more than any wealth tax. Then after COVID things bounced back.

kadabra9OP1mo ago

I 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

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