Norway’s Wealth Tax Is Backfiring
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Re: Norway’s Wealth Tax Is Backfiring
#2Doesn't really matter as America can go after funds regardless of where you move to. Just pay your fucking taxes, you got the benefits of the system, pay back into it.
Re: Norway’s Wealth Tax Is Backfiring
#3“Trickle down job creators flee to another country that still allows them to freeload off the system without paying their fair share”
Re: Norway’s Wealth Tax Is Backfiring
#4> wealthy Norwegians took with them a total fortune of $54 billion when they left. This means that the wealth tax, which was projected to increase revenue by nearly $150 million annually, will result in about 40 percent less revenue than it currently generates
So the problem is revenue from wealth tax will only be $90M instead of $150M? As opposed to $0M without the wealth tax? How does having these billionaires physically located in Norway benefit the average citizen? Capital investments should happen wherever they're physically located because economics, big corpos have their HQs wherever they want anyway. Is trickle down economics the entire argument here?
Re: Norway’s Wealth Tax Is Backfiring
#5Doesn't really matter as America can go after funds regardless of where you move to. Just pay your fucking taxes, you got the benefits of the system, pay back into it.
The article isn't about income taxes. Income taxes are taxes on income that you earn in any calendar year.
The article is about wealth taxes. In addition to income taxes, Norway has a wealth tax, which taxes net wealth above $170k (NOK 1.7M) at 1% [0]. So, if your net wealth is $200k, you are taxed 1% on $30k every year.
Separately, it is a myth that the wealthy don't pay taxes. This isn't Reddit. Wealthy pay taxes but they also maximize the value of any benefits already included in the tax code. AMT is an attempt to fix this but has its own problems.
Re: Norway’s Wealth Tax Is Backfiring
#6> wealthy Norwegians took with them a total fortune of $54 billion when they left. This means that the wealth tax, which was projected to increase revenue by nearly $150 million annually, will result in about 40 percent less revenue than it currently generates So the problem is revenue from wealth tax will only be $90M instead of $150M? As opposed to $0M without the wealth tax? How does having these billionaires phys…
If anything, it seems that improving the weak controls against capital flight is all it would take to correct this problem.
Re: Norway’s Wealth Tax Is Backfiring
#7> wealthy Norwegians took with them a total fortune of $54 billion when they left. This means that the wealth tax, which was projected to increase revenue by nearly $150 million annually, will result in about 40 percent less revenue than it currently generates So the problem is revenue from wealth tax will only be $90M instead of $150M? As opposed to $0M without the wealth tax? How does having these billionaires phys…
Norway already had a wealth tax and raising it resulted in less overall revenue not more. That is what the article is saying.
Re: Norway’s Wealth Tax Is Backfiring
#8But of course an institute called the "American Institute for Economic Research" is going to say that; from the about page, they believe in "the value of personal freedom, free enterprise, property rights, limited government, and sound money."
Re: Norway’s Wealth Tax Is Backfiring
#9But of course an institute called the "American Institute for Economic Research" is going to say that; from the about page, they believe in "the value of personal freedom, free enterprise, property rights, limited government, and sound money."
They sound like a monstrous bunch of people. /s
Re: Norway’s Wealth Tax Is Backfiring
#10But of course an institute called the "American Institute for Economic Research" is going to say that; from the about page, they believe in "the value of personal freedom, free enterprise, property rights, limited government, and sound money."
They sound like a monstrous bunch of people. /s
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