Norway punches itself it the face

[Manonthestreet]

The recent wealth tax increase in Norway was expected to bring in an additional $146M in yearly tax revenue.

Instead, individuals worth $54B left the country, leading to a lost $594M in yearly wealth tax revenue.

That's a net decrease of $448M+. Norway's Wealth Tax Unchains a Capital Exodus

guess they'll have to tax the little people more.

 

[task0778]

We've seen this over and over again and again, when you try to soak the rich, they leave. You end up with a bigger slice of a smaller pie. And that smaller pie is your economy, the Left will not admit it but raising tax rates is not linear. If you raise tax rates there is going to be a consequence; people will park their money in non-taxable assets or in some cases they'll just sell out, pack up, and move out.

 

[Dogmaphobe]

Norway is already one of the most taxed countries to begin with. Its income tax is nearly 50 percent, and it has a whopping 25 percent sales tax.