Norway's Wealth Tax Is Backfiring. Are Americans Paying Attention?

Re:Norway's Wealth Tax Is Backfiring. Are Americans Paying A... by sehansen on Friday November 01, 2024 @04:22AM (#42014989)

Weird article. The tone of the article is as if the wealth tax has been a huge disaster for Norway, but the only concrete problem the they spell out is that the wealth tax will only bring in $594 million instead of the expected $1.46 billion. The article fails to mention that this is still an improvement over the $0 dollars before the wealth tax.

In the bottom of the article it says "The Daily Economy is the news outlet of the American Institute for Economic Research". If you look up "American Institute for Economic Research" on Wikipedia you learn that "It has promoted climate change denial, and was known for the Great Barrington Declaration and misinformation during the COVID-19 pandemic."

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Re:Norway's Wealth Tax Is Backfiring. Are Americans Paying A... by otuutti on Friday November 01, 2024 @09:57AM (#42016963)

"Norway collected about $1.46 billion on its wealth tax in 2019. But the exodus of the wealthy will result in an estimated $594 million in lost revenue."

ie. Status quo for the Wealth Tax, that exists, is +1.46 billion, it was projected to increase by ca 10% due to the tax hike, but instead trends towards decreasing to 0.87 billion, ie a loss of 594 million vs current tax income from the (lower) wealth tax

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