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Tax the Billionaires, they'll be fine (lemmy.wtf)

submitted 5 days ago by RabbleRebel@lemmy.wtf to c/politicalmemes@lemmy.dbzer0.com

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[–] warm@kbin.earth 7 points 5 days ago (1 children)

They are still taxed on money they generate in your country. You can even tax wealth they try to move.

Millionaires and billionaires won't just leave a big country because of higher taxes, they will make even less money. Them and their defenders always cry this, but it just won't be true in reality. Even if the tax was really high, lose 90% or lose 100%?

[–] MyBrainHurts@piefed.ca 2 points 5 days ago (1 children)

They are still taxed on money they generate in your country.

The business pays taxes as usual, but that's a whole different thing. The shares and unrealized assets that represent the bulk of b/millionaire wealth is something else entirely.

Millionaires and billionaires won’t just leave a big country because of higher taxes,

https://www.reuters.com/business/norways-wealth-tax-trades-millionaires-equality-2025-11-24/

So far, about quarter of the richest Norwegians have left. And that's of the ones who previously chose to live in Norway instead of more of a financial hub.

I'm not saying there's nothing to be done but it's always presented in such a facile manner. It's like declaring a store owner is an idiot for missing the fortune they could make by just doubling all their prices.

[–] warm@kbin.earth 3 points 5 days ago (1 children)

Revenue from it has climbed despite the exodus and now sits at 0.6% of GDP

It's a nice piece that shows overall and if done correctly, we can indeed tax the rich. Norway's wealth tax is broad, so it affects more than just the ultra-wealthy.

There's so much nuance though, maybe we should just seize all their assets instead aha.

[–] MyBrainHurts@piefed.ca 1 points 4 days ago

we can indeed tax the rich

Admittedly, America already does. Iirc the top 10% pay about 70% of American personal tax revenue.

Revenue from it has climbed

Yes, the tax isn't so bad that it is immediately revenue negative, that'd be comically bad. The concern is that wealthy folks pay taxes in a lot of ways beyond a single wealth tax and when they leave, even though the wealth tax revenue might still increase, the overall tax base decreases.

You might keep reading:

Around 40% of emigrants are business owners, according to Princeton researcher Christine Blandhol, who estimates, opens new tab the latest tax changes will cut Norway’s output by 1.3% over the long run. Others find the tax hampers firms' performance, opens new tab. A wealth levy is especially painful for startup founders, who pay on capital long before profits arrive. Are Traasdahl left Norway in 2000 to market Europe’s mobile technology in the U.S., later founding and selling several tech firms including the app now known as iHeartRadio. "There’s no chance I would have been able to build in Norway what I built in the United States," he said. Norway has one of Europe’s lowest levels of venture capital as a share of GDP – at half that of Sweden's and far behind the U.S., OECD data shows.