Norwegian Govt delivers a wealth tax resulting in a loss of taxes

From here (h/t CITIZEN FREE PRESS)

Norway’s Wealth Tax Is Backfiring. Are Americans Paying Attention? – AIER

“Following its 2021 electoral victory, the Nordic nation’s Labor Party made good on its promise to soak the rich. Norway is one of just a handful of OECD countries that still taxes net wealth, and the Labor Party increased the country’s wealth tax to 1.1 percent despite warnings that such a move would “trigger capital flight and threaten job creation.” (ER: Precisely. So why do it unless you want that very outcome.)

The Labor Party is closely aligned to socialism. (ER: or leaving people dependent on the state)

First off, I am of the view that “taxation is theft”. I view the reduction of taxes to the minimum amount practicable to protect God-given, inalienable rights, as a pre-requisite to defeating the anti-humans that have infested the global body politic.

Without taxes, the “beast” is starved, people are better off and can go about their lives without the interference of psychotic, egotistical, narcissistic, corrupt and all round, mouth bullying, shit-bag politicians. This applies mainly to federal/national taxes used to fund forever wars, child indoctrination, corrupt health systems and welfare fraud.

Income taxes are one form of government theft, transaction taxes are another and wealth taxes are a (recently popular amongst the socialist/Marxist/Maoist global movement) third.

Income taxes in Norway take the form of a flat tax of 22%, plus a “bracket tax” which, for the rich, is charged at an extra 17.5% above income of 1.5 million NOK (around 140,000 US dollars).

Norway has Value Added Tax of 25% on almost all items.

The imposition of a wealth tax of 1.1% in Norway has resulted in, totally predictable, capital flight. Californian socialists/Marxist/Maoists also think a wealth tax is great idea to fund the endemic corruption in its State government – seeking to impose an even more ludicrous wealth tax of 1.5% on those with more than 1.5 billion bucks in wealth from next year, dropping to a threshold of just 50 million bucks in 2026.

California Wealth and Exit Tax Shows a Window Into the Future (bloombergtax.com)

“The recently introduced California wealth tax proposal essentially contains three components. The first, a wealth tax of 1% on household wealth over $50 million and 1.5% on wealth over $1 billion, would apply starting in 2024 and to those with over $50 million starting in 2026. It would be based on worldwide net worth, with some exceptions, and would apply to full-time, part-year, and temporary residents, subject to apportionment.”

What has just happened in Norway should even provide clues to the clueless in California.

“Norwegian Business School professor emeritus Ole Gjems-Onstad estimated that the wealthy Norwegians took with them a total fortune of $54 billion when they left. This means that the wealth tax, which was projected to increase revenue by nearly $150 million annually, will result in about 40 percent less revenue than it currently generates. Luca Dellanna, a management advisor and author, points out that Norway collected about $1.46 billion on its wealth tax in 2019. But the exodus of the wealthy will result in an estimated $594 million in lost revenue.”

Instead of the 150 million in annual revenue from the wealth tax, 90 million was generated. I suspect this excludes the loss in flat and bracket income taxes, but I could be mistaken.

Here’s a kicker:

“More than 30 Norwegian billionaires and multimillionaires left Norway in 2022, according to research by the newspaper Dagens Naeringsliv,” reports wealth correspondent Rupert Neate. “This was more than the total number of super-rich people who left the country during the previous 13 years, [the paper] added.”

Norway has a population of around 5.4 million, in between South Carolina and Minnesota.

Here is a more detailed country profile:

Norway (NOR) Exports, Imports, and Trade Partners | OEC – The Observatory of Economic Complexity

Norway’s loss in another country’s gain. The latest migrant went to Lugano, Switzerland.

Here’s a link to a couple of other articles dealing with the imposition of taxes at the global level to fund the grift of those controlling the WHO and the UNIPCC, plus a recent article on Norway, showing its move to Zero Carbon – based on hydro-electric power – whilst exporting its oil and gas to other countries to cause lots of non-Zero Carbon. (I know, I know – Carbon is NOT carbon dioxide; carbon dioxide is beneficial, not harmful. AND THERE IS NO CLIMATE CRISIS!!!).

(100) Anti-human and WEF graduate, Emmanuel Macron, promotes global taxes on travel and financial transactions to support climate fraud – this is the next step beyond a global tax on health services (substack.com)

(100) “Not in My Back Yard” – NIMBY Norway will remove vehicle emissions by 2025 – including emissions from construction vehicles and passenger ferries – a snapshot of how (substack.com)

Onwards

************

Source