Wealth Taxes Result in Rich People Fleeing, Turns Out
Norway hiked its wealth tax. A bunch of rich people got the hell out.
If your net wealth is approximately $135,000 or more and you live in Norway, you've long been subject to a 0.85 percent wealth tax. That rate has, as of this year, been hiked to 1.1 percent by the center-left government, and even more gobs of cash will be taken from rich people worth roughly $1.8 million, who will be taxed at a rate of 1.3 percent.
Unfortunately for the Norwegian lefties—and their American counterparts who argue for similar taxes to be instituted here—this wealth tax hasn't really generated the revenue they'd expected. It has instead resulted in rich people boarding their superyachts and leaving those fjords behind forevermore.
Per the Norwegian newspaper Dagens Næringsliv, 30 of the country's multimillionaires and billionaires left the country last year in advance of the wealth tax hike. "This was more than the total number of super-rich people who left the country during the previous 13 years, it added," noted The Guardian. "Even more super-rich individuals are expected to leave this year because of the increase in wealth tax in November, costing the government tens of millions in lost tax receipts."
The research department for Statistics Norway admits the same in a 2021 paper: "The tax revenue from wealth taxation is modest, only approximately 15 billion NOK per year, which corresponds to around 1.1 percent of the total tax revenue and 0.4 percent of GDP." (Other gems: "The richest Scandinavians keep a substantial part of their wealth in offshore tax havens. The wealth of the top 0.01 of Norwegian households increases by about 25 percent if offshore wealth is included.")
Many have moved to Switzerland, taking a leaf out of the book of recently deceased music legend Tina Turner, who never officially gave up her U.S. citizenship, probably to avoid having to fork over the hefty exit tax (a 23.8 percent on worldwide assets) our own country imposes. Norway's most-taxed individual, billionaire Kjell Inge Røkke, recently moved to Lugano, costing Norway the equivalent of almost $16 million in lost tax revenue annually. Since 2008, Dagens Næringsliv estimated that Røkke has been forced to cough up the equivalent of $135 million. Another billionaire, Tord Ueland Kolstad, who just moved to Lucerne, mournfully told the Norwegian broadcaster TV 2: "This was not what I wanted, but the toughened and increased tax rules of the current government means that I, as the founder and responsible owner, have no choice."
In other words, wealth taxes work exactly as libertarians warned: They generate far less revenue than anticipated and result in the ultra-rich hopping to fairer locales that don't see them as cash cows to milk.
As for our own expats, like Turner, if they haven't given up their U.S. citizenship, they're hit with privacy-eroding requirements like the Foreign Account Tax Compliance Act (FATCA), which forces foreign banks to report to the U.S. government assets held by Americans. Expats from this country also get hit twice by the taxman: once by the government of their country of residence, and once by the U.S. government, in a move that is out of step with how most other places treat their deserters. It's no wonder a high-net-worth individual like Turner never formally renounced her U.S. citizenship but took Swiss citizenship with the "intent to lose her U.S. citizenship," seemingly to avoid the exit tax.
Whether it's wealth or exit taxes, FATCA or other intrusions, people behave in predictable ways regardless of where they were born: They tend to want to preserve both their money and privacy to the fullest extent possible.
Norway's learning that the hard way.
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Only the economic ignorant keeps calling for, ‘tax the rich!’ People, the only way the lower classes have an opportunity to get richer, and even someday owing a company, is for people with money, not the government, hire, train, and promote! We have been taxing the rich for over a century and the poor keeps getting poorer. Why? Because the government ALWAYS spends on things to help them stay in government, not on people to get trained. Let the free market loose and watch people rise. The stupid mantra of ‘trickle down economics’ is the dumbest slogan ever! Money always ‘trickle down.’ It’s called a paycheck that you can invest and ‘trickle up.’ The government can only create sticky economic where you are stuck right where you are and never move up! Every congress person should study capitalism before entering office.
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The Jutul family is staying in Edda, Norway.
The Government forgave the tax after they threatened to move the factory to Asia.
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I’m a Norwegian citizen with a net worth of $10 million, who loves living in Norway (as do almost all Norwegians).
Yet I’m gonna take it on the arches in order to avoid coughing up $100k in “wealth tax”.
“Liquor in the front; poker in the the rear”.
I spent almost the entire winter of 2017 in Edmonton, Alberta, Ca., and go borrow itfrom Mark Twain: “If the thermometer had been two inches longer we’d have all frozen to death.
Meanwhile, the temperature inside the Pure Casino Edmonton’s poker room was absolutely perfect.
And those oil workers were a lot better at drinking than they were at gambling.
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“Unfortunately for the Norwegian lefties – and their American counterparts who argue for similar taxes to be instituted here – this wealth tax hasn’t really generated the revenue they’d expected. It has instead resulted in rich people boarding their superyachts and leaving those fjords behind forevermore.
*
So John Q Rich Dude is going to take it on the arches so
Greetings !
My name is Christian and I’m REALLY old.
I’m so old that I remember when Reason.Com could be relied upon to NEVER lie, and to VERY RARELY make an honest error.
So when exactly did you guys turn into The National Enquirer ?
*
Excerpted from an article in The Guardian:
Ole Gjems Onstad, a professor emeritus at the Norwegian Business School estimates that those who’ve left the country had a combined net worth of roughly NOK 600 billion ($540 million).
1.1% of $540 million = $5,940,000.
$5,940,000 ! ! !
That’s more than $1 for every man, woman and child in Norway.
???? Something tells me that Norway’s wealth tax wasn’t implemented in an effort to generate tax revenue, but as a means of deterring the hoarding of wealth.
The government’s stance seems to be, “If you wanna start a business, or expand an existing one, tell us how we can help. However, if your plan is to hoard your wealth, or invest it in ways that don’t benefit the economy (like obscene bonuses for corporate officers, or stock buybacks) we’ll be charging you a nominal fee, and if you don’t wanna pay it, ‘Delta is ready when you are’.”
FYI: This isn’t a novel idea.
https://www.thestranger.com/slog/2019/10/08/41616820/either-tax-the-rich-or-make-money-spoil-like-cheese
Incidentally, almost every homeowner in the U.S. pays property tax – the average rate of which is .99% – slightly less than the 1.1% Norwegian wealth tax.
Moreover, most Western European nations (and I believe both Australia and Canada) take it a step further:
If you own a home which you rent out, you pay tax on whatever portion of the rent amounts to profit (i.e., $1,500 [minus] whatever it costs you to maintain the home).
If, however, you choose to live in it rather than rent it out, you still pay the tax.
*
The tax deductibility of mortgage interest was intended to inspire the construction of NEW homes by making them more affordable.
It wasn’t meant to include existing homes, and the fact that it does is criminal.
Just bought a $3 million beach house ?
Congrats. Glad to hear you’re doing so well.
Meanwhile, the interest on your mortgage won’t be tax deductible since the sale of a piece of real estate by one wealthy asshole to another wealthy asshole isn’t a societal benefit.
FYI: In the event this development induces you to have a new home built, rather than buying one that already exists, well played, but fuck you. You’re worth $50 million. You don’t need a mortgage.
“ In other words, wealth taxes work exactly as libertarians warned….” It worked like anyone with half a brain would anticipate. In other words, everyone but liberals.
The leftist solution is to expand these tax to all jurisdictions, so they are inescapable. You see this internationally, through efforts to set global minimum income taxes. A global wealth tax is next, and has already been suggested through the UN.
Marxists don’t learn from mistakes. They double down on them.
Calling taxes “Marxist” is ridiculous.
How about a global wealth tax? Sounds pretty Marxist to me.
Communism doesn’t exist comrade.
And antifa is just an idea. An idea that murdered dozens of people and caused billions in property damage.
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You’re right especially when it has been deceptively excused as just “tax” when all along it’s been propping up the “armed-theft” mentality by making it legal. i.e. armed-theft wealth distribution.
The people advocating for these taxes are Marxist.
Unfortunately, your last statement is accurate.
Sadly, yes.
I suppose you have a good explanation for why nations should maintain an international tax system that incentivizes and rewards tax evasion and avoidance schemes?
We should have a much simpler, less burdensome system that doesn’t antagonize people if they happen to be successful.
Taxes themselves incentivize tax evasion and avoidance. Just like crime incentivizes one to avoid a place.
I suppose you have a good explanation why you shouldn’t fuck off and die?
We’ll see about that.
Capital gains taxes are an income tax.
From Investopedia:
“Income tax is paid on earnings from employment, interest, dividends, royalties, or self-employment, whether it’s in the form of services, money, or property. Capital gains tax is paid on income that derives from the sale or exchange of an asset, such as a stock or property that’s categorized as a capital asset.”
Theft is theft, but they’re theft on different things.
But they’re both a tax on income.
Capital gains are income, and are filed with your income tax statement. Somehow the Washington supreme court didn’t see it that way.
Had to look up what you are referring to, since Diane/Paul didn’t mention anything at all about a Washington State legal controversy over whether capital gains tax is an income tax.
So, the legal verdict it is legal in Washington State because it is actually an excise tax? That’s not an income tax or a wealth tax. It’s more like a sales tax.
We have shitty judges in Washington. Can’t trust democrats to follow the law.
I used to hear (in libertarian circles) that pay checks aren’t actually income and the 16th Amendment doesn’t/shouldn’t apply to them. That pay checks represent an even trade of time & labor. And that the income tax should only be applied to capital gains type income. A technicality that never did and never will go anywhere. It’s also been said that the 16th was passed mainly to prevent inflation by soaking up the extra dollars the newly created Fed would be pumping out to the banks and the federal government. Epic Fail.
I’m surprised any libertarian would make that argument since it is essentially invoking the Marxist Labor Theory of Value.
It ignores the capitalist insight that ideally your employer has figured out how to amplify the profits from your labor to make more money than you would on your own.
I have been familiar with libertarian claims for some time and do not remember that one. Got a cite?
The year of any new tax always brings in more. Once those taxed have a chance to alter their behavior in response, the tax ALWAYS reduces the tax base.
Yeah, I was just reading a Bloomberg memo recommending a strategy for avoiding the new Washington State tax that Diane/Paul referenced above.
Be afraid, be very, very afraid.
COVID still killing 1 person every 4 minutes as vaccine rates fall
Um, some might say it was that very “collaboration” that got us where we are.
COVID still killing 1 person every 4 minutes as vaccine rates fall
Compromise: I think can all agree that frequent, mandatory injections, even if they aren’t 100% effective, to lower the death rate from 0.25 ppl/d to 0 or raise the birth rate from 8 ppl/d to 8.25 aren’t necessary, but that doesn’t mean they aren’t a good idea.
Mandatory nothing. Forced participation will result in bloodshed.
It would have been nice if the reporter cited some source for the “every 4 minutes” stat.
It’s 131,400 people per year (15 per hour, 24 hours per day, 365 days per year). There were 186K deaths last year.
Math is raysiss.
You’re right, he should have cited his calculator.
Covid was NEVER killing 1 person every day, much less every 4 minutes. Your sources attribute EVERY death in which the decedent has ever tested positive for Covid to Covid.
Imagine being so dumb you dont know this. Actually you dont have to imagine, that’s California
The rich don’t pay their fair share. How do we know this? Well, they’re rich! Duh!
How will we know when the rich have paid their fair share? They aren’t rich anymore!
And that’s the ultimate goal of a wealth tax.
Meanwhile anyone who has significant wealth and isn’t a total fool has set up family trusts and she’ll corporations. And the truly wealth have their Senator on speed dial. And for the truly, truly wealthy the Senator has them on speed dial.
Apparently the Norwegian billionaires aren’t as smart as you, or your little schemes don’t work there.
And you support those senators.
And you support those senators..
It was worth saying twice.
You are correct that the rich don’t pay their fair share. That would require SLASHING their tax payments. As things currently stand, the top 1% pay more than 50% of all taxes. The top 5% pay more than 90%.
…and when they become ‘poor’ trying to produce goods for everyone; they’ll stop producing goods for everyone. As the article should’ve said, “Killing the cash cow that feeds them”.
The far left doesn’t believe in biological reality. Why would they believe in economic reality?
they had me at “lefties argue”. Just fill in the blank after that, because it’s always both wrong and idiotic, every time.
Lefties don’t argue, debate, engage in constructive criticism, or anything of the sort. They employ bludgeons and cudgels to anyone who engages in wrongthink.
Been deleted morons, they believe that they can force their ideology onto our objective reality. This is why they fail.
Rich people are not a stationary target. Go figure.
-jcr
I’m glad they are leaving. Rich people are just consuming all the resources anyway.
/Norwegian Jeff.
They are leaving and going where?
Destinations with low tax rates usually aren’t the best places to live, at least for very long.
Usually rich people just park their money in the low tax area, but stay put, so they can enjoy life in the area with a decent tax base, just without having to pay any of it. Some might call them freeloaders, but they are really just shrewd businesspeople. Geniuses really.
Cite?
Anecdotally, lots of people who live in New York for exactly 179 days each year, and Florida the rest of the time.
They are leaving and according to the article – moving to Switzerland – which has a wealth tax
So the wealthy go through the effort of moving for no gain?
Pretty sure your level of stupidity is sufficient to make that believable.
Switzerland understands HOW to implement a wealth tax – and more significantly understands how different legs of a tax base work.
Norway doesn’t. eg it probably ain’t the wealth tax increase per se that caused the departure. It was probably the 51% max tax rate on dividends (up from 46% two years ago). Wealth tax increase to 1.3% is just the ‘no escape left’ part.
Probably because Switzerland has a long experience as a tax haven for the wealthy
where Norway has a long experience of grabbing and class-warfare through the tax system.
You can’t understand that.
And nor can Reason which is just parroting the Koch line about the inconceivableness of a wealth tax. Which is why I don’t think Reason has EVER mentioned ‘Switzerland’ in the same article as ‘wealth tax’.
“You can’t understand that…”
Oh so easily I can, econ-ignoramus. So you admit you are full of shit?
Thank you, Fuck off and die, slimy pile of shit.
In Switzerland you can opt for a “lump sum” tax which considers your yearly expenditures and lifestyle.
https://nomadcapitalist.com/finance/legal-tax-reduction/taxes-in-switzerland-hnwis/
The wealthy wouldn’t choose to move to Switzerland if they were going to end up paying more.
They don’t pay more in taxes. But they do pay a wealth tax. And it’s because Switzerland has a wealth tax, that they can keep the top marginal tax rate on income low
1.8 million is hardly wealthy, more like almost enough for a comfortable retirement. And people with 1.8 million aren’t buying a lot of “superyachts.”
If California ever enacts this nonsense, I will be gone in 2 weeks.
They tried to implement a retroactive exit tax already. I imagine they will keep trying. I imagine California will eventually pass a tax that they will insist anyone who has ever lived there will owe in perpetuity no matter where they move.
They can try, I’d like to see them come here to Montana and try and collect taxes on me, just because my Dad was stationed in California when I was born and therefore I have a California birth certificate. I’m pretty sure Montana’s government won’t enforce that.
California has already tried. They quietly accept it is IMPOSSIBLE to enforce.
It’s impossible to enforce, is why the Demorats are proposing it, as a a sop, for pinheaded progressives.
Depending on implementation, there’s a very good chance wealth taxes in the US would be found unconstitutional.
Me thinks this must be why the globalists are pushing for standardized global taxes.
That’s a bingo!
Just $135,000 net worth? Doesn’t this make this an extremely regressive tax on anyone that is old? Or are there exemptions?
I wondered that too. That has to be a misprint, right? $135k ain’t that much money.
Screw the rich. I am a tax lawyer and the worse the tax situation is, the better things are for me. I am tired of being principled and being hated; I might as well earn more money and be hated.
Well, if you’re an OSU Buckeye that’s a good start.
I might as well earn more money and be hated.
Screw the about to be rich.
How quaint that you think they’re offering the choice between being rich and being hated.
You will be poor and hated and pray they don’t alter the deal any further.
START being hated?
It’s easier to flee Norway because there are a couple dozen countries within a short distance from which to choose. We only have Canada (bad), Mexico (worse), Cuba (even worse), and if you count Sarah Palin’s backyard, Russia (worst of all).
Funny, Palin never said that. II was Tina Fey on Saturday night live. But I wouldn’t expect a complete fucking idiot like you to know that, right shrike?
Almost like most of the idiocy credited to Trump; actually uttered by some TDS-addled shit-pile.
Pretty much.
Actually, there CANNOT be a requirement you only move to a country sharing a border with the one you leave.
The Bahamas are very nice this time of year.
This is not rocket science! Everyone with a hint of common sense knows this but the governments continue to try to do this. It is just amazing how slow the Liberals are at catching on to reality.
I don’t agree or disagree, but explain why so many rich people live in CA with the highest income tax. I may even agree because I’ve been wondering why anyone who can afford to get out of CA doesn’t.
What are the residents there? And it’s well known that California is experiencing Annette population lost over the last several years. Even though there is shit loads of illegal immigration into that state.
‘Experiencing a drop in population’
“a net”
Thank you.
I’d say the neighboring states would say differently. CA is loosing population. Moving onto to greener pastures to conquer and consume.
Why don’t Norwegians just hide their wealth in the Caribbean, like the American rich do?
Who says they don’t?
Please explain in detail how that works and why you aren’t doing it.
You’re a dolt.
How do they know how much wealth anyone has? House to house searches? Wiretaps? Aggressive interrogations? Government paid property assessors?
“How do they know how much wealth anyone has? House to house searches? Wiretaps? Aggressive interrogations? Government paid property assessors?”
You think cops are a PITA? Just wait until you must deal with bureaucrats!
Why would anyone pay taxes to support a society? Forget society. You say you want what society provides including infrastructure of all kinds? Forget society. You will educate your children. You will fly where you want in your planes and helicopters. You will grow your own food. You will transport what you want and forget those stupid, ignorant poor people. They know nothing. Forget everyone but the rich. They owe nothing to anyone. They do not need society or anyone else to be rich. It is all them. They did it all themselves. Forget all the rest of you clowns! And this is called reason. Only reason can allow you to talk yourself into believing you are the only thing that matters.
+1000000000000… Well Said. Harsh but the point being skipped around on. The factor should be are the rich EARNING it instead of STEALING it like those ‘poor’ “armed-theft” fanboys who still haven’t figured out their theft is not only criminal but unsustainable.
As the article perfectly points out.. “Armed-theft” is a zero-supply game. One can only STEAL whats there. The ‘finale’ will be either SLAVERY (Democrats denied baseline) or Gov-Gun Genocide. Why the Nazi’s turned to Genocide isn’t a big secret.
Uh, whatever meds you’re taking? I don’t want them.
The point of wealth taxes isn’t to raise tax revenue, which Norway hardly needs having one of the largest sovereign wealth funds in the world. The point is to either reduce the number of wealthy people in society either by nibbling away at their wealth or by driving them away. Norway’s wealth tax may be working exactly as intended. Some wealthy people leave and your GINI coefficient is likely to “improve”. For many countries there might be adverse consequence from losing too many wealth people and their taxable incomes, but in the case of Norway there is that sovereign wealth fund again (unless they decide to turn off the oil spigot). I’m sure the Norskies will be a much happier and more equal society once the rich dudes have left. Now what’s the rumbling? Are the Vikings spinning in their graves?
So explain Switzerland – which has a wealth tax and is a haven for the wealthy
We have here the assholic chicken little who waved the PANIC for years over a pretty minor disease, Further a lying, steaming pile of shit who still supports the lies the assholic chicken little promoted at the time.
Can we agree that JFree is a lying asshole, incapable of judging any threat to humanity who should die from a running rusty chainsaw jammed up his ass?
Yes, I think, for the benefit of mankind, we can.
Fuck off and die. Make the world a better place.
UN-criminalized “Armed-Theft” often does lead to wealthy of some unjustly. If you think communism/socialism is going to solve that BS just look at China’s wealth inequality. Course you’ll continue to ignore this….
See you tomorrow with another load of BS cherry-pickings.
Those Norwegians aren’t moving to China. Or the US. They are moving to Switzerland
The Norwegian wealthy are able to produce that wealth because of what Norway does for their citizens to maintain their health, their education, their skills, all of which helps provide for the wealth of those wealthy. If they leave, refusing to pay the taxes that makes their wealth possible, they are cheats, stealing from their country. They’re thieves.
You.
Are.
Full.
Of.
Shit.
Make the world a better place and your family proud: Fuck off and die.
…and Venezuelan wealthy? Your still selling a ticking timebomb as always.
You’re conflating the government and the country, you bootlicking fascist cunt. Like all governments, the Norwegian government can’t give anyone anything that they haven’t looted from someone else first. Taxation is theft. Keeping what you earn is a human right. Die in a fire.
-jcr
The problem with progressive policies is that they fail to take into account human nature. It’s almost as if progressives have never met any actual humans.
Or hope that their fantasies have some relevance. They don’t.
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Oppressive levels of taxation have always been the crutch of poor leadership and failed policies. What’s happening in Norway is also happening in states like New York and California. Sort of proves the age old proverb, “socialism always fails because it eventually runs out of money. Or millionaires.
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Yes, some people will leave a country to avoid high taxes. But most U.S. residents won’t do that. Europeans are more mobile than Americans in that respect.
But when it comes to STATES, more Americans WILL leave a state to avoid high taxes — and high costs generally. It’s happening across the country.
The mobility of the wealthy — their ability to legally establish their “tax residence” in a low tax state — is not understood by our progressive politicians in high tax states — notably in California.
Sacramento Democrats have now proposed a wealth tax on the wealthy, even after they leave the state. Yeah, it is probably illegal — until the Left packs the Supreme Court with their sycophants.
Other states are cheering these clueless CA politicians on. With these ever higher “soak the rich” taxes, CA can continue to be the engine of prosperity — for the OTHER 49 states.
In other words, wealth taxes work exactly as libertarians warned: They generate far less revenue than anticipated and result in the ultra-rich hopping to fairer locales that don’t see them as cash cows to milk.
Shit, the Nazi Reichsflugsteuer started out at 20%.
-jcr
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Meanwhile, rich people have no problem giving to “charities” whose sole purpose is to convince the plebes not to tax them. Then give to charities whose purpose is to extol patriotism and all that. Then they pack up and leave as soon as someone takes a small chunk of their fortune. So patriotic.
Bunch of entitled people who actually think they built something. They have no sense of loyalty to their countries apparently. Whatever. Let them leave and then let’s expropriate their physical capital. If enough countries do it we can bottle them up in some tropical island and then blockade it. Their yachts won’t stand a chance against the blockade.
“Meanwhile, rich people have no problem giving to “charities” whose sole purpose is to convince the plebes not to tax them…”
Jealous losers are always so easy to spot!
Fuck off and die, loser. And give back your unemployment payments.
Stories like this always make me Laff(er).
Rich people don’t put their money in a mattress. They invest it. The average US job uses about $500,000 of someone’s invested savings to pay for all the stuff a job needs. Taxing away invested capital is the stupidest possible tax because it kills good jobs forever. Politicians should read up on the goose that laid golden eggs story.
The mobility of the wealthy — their ability to legally establish their “tax residence” in a low tax state — is not understood by our progressive politicians in high tax states — notably in California.
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