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.
Individuals with a net worth of $54B left the country, led to a $594M loss in tax revenue.
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.
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