Super-rich abandoning Norway at record rate as wealth tax rises slightly. - @odd - what is your take? Should we care?
@JohnPhilpin I’m not sure, but I don’t think so. Taxation on the wealthy is already so minimal, so while the income will have to be found elsewhere, the increase for the non-wealthy won’t be so high, because there are so many in comparison, besides not everyone is leaving. Worst case, they move to Aotearoa New Zealand!
I couldn’t find a table that separated taxation on income and wealth, but this shows the main figures.
@pimoore @johnphilpin @odd Posed this question the other day to several individuals and the responses were wild in their variance. Exactly how much in annual income qualifies as “wealthy?”
I already know I’m not. Please humor me.
@paulcraig901 It’s very subjective of course. The article @JohnPhilpin referred to, was in The Guardian, a British publication, and it talked about billionaires, and I assume, (without going back to check), it was in either NOK or GBP, which makes it either more than 1 billion NOK, or more than 10 billion NOK. I’d consider that wealthy regardless. One way to think about wealthy is to raise the question: Could you live the rest of your life relatively comfortably on what you already have? That of course is subjective too.
@paulcraig901 @johnphilpin I second @odd mentioning it’s subjective depending on whom you ask. For me, I agree with Bernie Sanders when he said billionaires shouldn’t exist; it’s a disgusting and unethical amount of wealth that no human deserves. Even mega millionaires have too much wealth, and enough for several lifetimes. When so many people are struggling while these elites are driving their Maseratis and sailing their yachts, I have no sympathy for their tax plight.
The scariest — and most ironic — part is even a small tax on these people, one they’ll never even notice, would vastly help national and global economies. Yet, despite that, they complain as if being asked to cut off their arm. It’s appalling how much their greed has been allowed to fester unchecked, and unbalanced, and it’s destroying society. Unfortunately the precedent has been set.
@Ddanielson Yep, it’s been rampant for decades and now the damage is done. Hence why I not only agree the wealth tax is fair, I’d argue it’s mandatory at this point.
@paulcraig901 I would never measure ‘wealth’ in terms of income … that’s one of the problems of the taxation system that has been emerging over the last half century.
“…if it arrives fairly.”
Aye, there’s the rub. I’d be willing to surmise almost all of it is not earned fairly. Case in point: CEOs who earn the equivalent of the entry level workers’ yearly salaries before 10am. Essentially they’re earning hundreds of times the wages, but nobody is convincing me — nor should anyone themselves believe it — they’re actually working that much harder than employees earning the least.
@JohnPhilpin I think if you study hard and then work hard, it’s only fair that you get some extra for that, but also, not everyone has the same ability or socioeconomic background that makes them able to do so, and they shall not just be forgotten either. + the ones that get grinded down through work or illness. And what Peter says.
@odd do not disagree … at all … with you or pete … but it’s a big subject and even a long post won’t get to the nub of the issue … which is … people!
Yes. Does anyone believe in the cult of the CEO anymore? And yet, they’re still remunerated as if they’re gods.
