Comment by meekrosoft42
Comment by meekrosoft42 4 days ago
They certainly have had that effect in Norway: https://www.brusselsreport.eu/2024/09/11/the-failure-of-norw...
Comment by meekrosoft42 4 days ago
They certainly have had that effect in Norway: https://www.brusselsreport.eu/2024/09/11/the-failure-of-norw...
I do wonder still if the country is better off. Billionaires investing in an area tends to skyrocket rent, housing tax from greedy councils, and skews food and utilities upwards too.
The loss of the richest man in the village might mean the baker now has to kowtow his prices to his less well-to-do neighbours again
Seriously as someone who grew up in the Bay Area. I am here for the weather, family and friends. I don't care if billionaires leave and real estate prices normalize at the cost of a bunch of tech jobs.
That said I wish we would take a look at spending before we just keep raising taxes and then a year later saying "how are we gonna get even more money?". California has an insane amount of wealth per person and one of the highest state tax rates. Can they really not figure out how to operate with their current budget?
Norway also ranks as seventh happiest nation in the world. Correlation or causation?
https://worldpopulationreview.com/country-rankings/happiest-...
Small, homogenous, a generous welfare system, and with a massive sovereign wealth fund thanks to wise oil exploitation.
Sure this seems to have worked in high-trust homogenous society with similar values and goals. They have a very high baseline of wealth given abundant natural resources that'd need active mismanagement to not have a strong economy.
Extending their taxation or economic system to a larger, more populous, diverse, and economically fractured society would lose most of the reasons they're succeeding.
$146M expected increase in tax revenue turned into $594M loss, good riddance to taxes as well I guess?
I did notice that the writer says he was commissioned to cowrite a report that will be the basis for a lawsuit against the tax:
> Four Norwegian entrepreneurs have commissioned yours truly, Dr. Laura Melusine Baudenbacher and Professor Dr. Dr. Mads Andenas to write a comparative law study on the Norwegian wealth tax. This report will be the basis for a class action against the Norwegian state.
I assume the fact it’s submitted to a court will dissuade the authors from making totally unsubstantiated claims, but it still seems like there’s a strong financial incentive for them to reach negative conclusions about the tax.