Predictable result from a wealth tax

If you tax something you end up with less of it. Tax income and people work less. Tax capital and they invest less. Tax consumption and they spend less. And tax wealth, and guess what …

The Guardian reports:

A record number of super-rich Norwegians are abandoning Norway for low-tax countries after the centre-left government increased wealth taxes to 1.1%.

More than 30 Norwegian billionaires and multimillionaires left Norway in 2022, according to research by the newspaper Dagens Naeringsliv. This was more than the total number of super-rich people who left the country during the previous 13 years, it added. Even more super-rich individuals are expected to leave this year because of the increase in wealth tax in November, costing the government tens of millions in lost tax receipts.

Norway has lost the equivalent of $90 billion of wealth since they increased their wealth tax. They have learnt that people and capital are mobile.