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How tax regimes scare the wealthy away (Patreon)

Published:
2024-12-12 20:28:09
Imported:
2026-06
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There have been discussions in USA about introducing similar policies, such as taxing unrealized capital gains, which caught my attention. As you know, I’ve been tracking millionaire migrations for some time now. Over the past two years, 25% of Norway’s top 400 wealthiest individuals have left the country. This isn’t just a loss of wealth but also a significant loss of talent and innovation. It highlights how some government policies can unintentionally drive away key contributors to a nation’s success. While this might sound like a very capitalistic perspective, it underscores the importance of fostering an environment that retains and supports exceptional individuals.

  • Tax on Unrealized Gains: Now you have to pay taxes on the increased value of assets, like a company, even though nothing had been sold or any actual profit made.

  • Impact on Entrepreneurs: Norway's tax system, especially the wealth tax, is tough on business owners and startups. These taxes are hard for companies with high valuations but little cash flow. Many wealthy people and startup founders left Norway because of this.

  • Political Environment: The political climate in Norway was also a factor. Some parties, like the Socialist Left Party, publicly criticized wealthy people who left the country by putting their names on a "Wall of Shame." Nazi-era shit.

As I say - the rich have wings. Govts are silly. Will they ever learn?

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Comments

proW

You could easily apply this same conversation to the topic of employee retention in the U.S.

Robert.P

As a Canadian, I'm looking forward to what Trump and his team of billionaires are going to do in the US. I'm hopeful that it might wake up many of my fellow Canadians to the corrupt, morally and financially bankrupt politicians we have here. We are punished here for being successful, for making money, and many of our brightest leave for the USA and other countries. I'm considering escaping to another country, and I'm far from rich!

Elons Ketamine Dealer.

Imagine having more money than you could spend in a lifetime and you're bothered by the inconvenience of paying high tax rates to help fund the country that helped make you wealthy in the first place. I'm convinced one has to be a psychopath to become a billionaire.

metabolics

I am based in the Nordics. Jante law is real. Explains everything. And yes, people move out once certain wealth is achieved.

TeslaFenn

You need to look from a other side. You are right the rich will leave, but the normal people with some investment are not as flexible. These people have more than the standard inhabitants, like we here. Partly we bind to a retirement system, some property and some investments. These people are the target and here the state gain the most tax anyhow already. This is the part which pays 65% of the Tax in the country. Rich 12,5% and the rest 12,5% others. Where it starts depends on the country wealth.

BringItOn
>>158154929

Hmm let's see. I pay income tax on what I earn, GST on what I spend, rates for my house, rates for my car, school fees, a fee for my drivers licence, a fee for my trade licence, stamp duty when I bought my house, fees to the company that supplies my water that are not tied to my usage (a service that used to be run by the government but is now privatised), fees to the company that supplies my power that are not tied to my usage (a service that used to be run by the government but is now privatised), a fee to connect my internet to repay for the cost of installing the network, a fee for rubbish collection. Pretty soon we will be paying the energy provider for the power that I feed into the network from the solar system that I paid for. Oh, and capital gains tax on investments. "the inconvenience of paying high tax rates to help fund the country that helped make you wealthy in the first place"?? Maybe if the government didn't make so many stupid decisions about how they spend the money they get than people would not be so annoyed by this inconvenience. As it stands I hope they keep their incompetent, dirty hands off of any gains that I may make on investments that I funded from POST TAX money in companies that I spent my AFTER WORK time and energy researching and that I was brave enough to commit to investing in. If they want to increase their bags they can do some investing themselves.

Nordle

There is a balance – you cannot allow the rich not to be taxed proportionately higher than the poor, it's just simply unfair, there are many arguments about whether tax rates inhibit entrepreneurs, but I don't think they do, certainly up to a certain level - a progressive tax system does work and if you're rich as you know there are always ways in which you can hide your money legally much of this is really the witching .2 which not being prepared to pay their share of taxes

Bth

Just checked ChatGPT cause i couldn't believe they would do this. The unrealized gains tax in Norway, often referred to as the exit tax, is specifically targeted at individuals who exit the country—that is, those who emigrate from Norway. It does not apply to Norwegian citizens or residents who remain in the country.

Gail Kraker

As I understand it, Kamala backed down on taxes on unrealized gains well before the election.

Unrekt+

While I don't believe a blanket tax on unrealized gains is good, budgets need to be balanced with other taxes. In many countries, tax cuts for the very wealthiest people have given them "bigger" wings. If these tax cuts are not undone, in the decades ahead, those countries will be bankrupt and ALL wealthy people will leave their respective countries. Better to fix the budget before that happens.

Diamanten

I escaped from Denmark and the destructive socialist regime there. Best thing I have done in my life It’s been around 10 years now and I’m living in beautiful Switzerland ❤️ I pay my tax with joy in Switzerland 🇨🇭 and yes I now need private health insurance and everything is paid by consumption. I absolutely love it. Finally I don’t need to pay for other peoples shit like I did in Denmark