How to lose money
Jun 02, 2023
Norway didn't learn from history:
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.
Yes, let's give super wealthy people even more reasons to leave behind a cold place for a warmer and less parasitical country.
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."
I'm sure that thousands of grocery store workers, waiters, car salesmen, mechanics, real estate agents, hotel assistants, etc. are happy in Norway because they no longer have to serve these wealthy individuals. That's the reality: the rich leave and the average guys lose jobs.