NOT SHOCKED: Norway Tried Taxing the Rich, Ended Up Losing HUNDREDS of Millions in Tax Revenue Instead

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‘Tax the rich!’

‘Make the wealthy pay their fare share!’

How many times have we heard some iteration of those sentences? Far too many. Government in general, but the Left in particular, think they’re entitled to the wealth earned and held by others. Because reasons. 

So they argue with a straight face that raising taxes on the rich is a panacea that will balance budgets and pay for their extravagant spending.

Except it never, ever works. In part, because spending far outpaces tax revenue but also because the wealthy they target are free and rich enough to go elsewhere and take their money with them.

The same thing happened recently in Norway:

The recent wealth tax increase in Norway was expected to bring an additional $146 million in yearly tax revenue, per the Guardian.

Instead, individuals worth $54 billion left the country, leading to a lost $594 million in yearly tax revenue.

— unusual_whales (@unusual_whales) October 20, 2024

What’s the definition of insanity again?

“It’ll work this time!”

🇳🇴 In 2022 Norway increased wealth tax to 1.1%, expected to bring in an additional $146M tax revenue.

Individuals with a net worth of $54B left the country, led to a $594M loss in tax revenue.

A net decrease of $448M+ 📉pic.twitter.com/pnbMB6rFT5

— Jonathan Wong (@WGthink) September 8, 2024

Tax them even harder. It’ll work this time.

Or something.

Virtually every time some European country tries a wealth tax, they abandon it after seeing the same outcome.

— Carol Roth (@caroljsroth) October 20, 2024

Wash, rinse, repeat.

And Norway has the largest sovereign wealth fund in the world. With a population of only 4.5 million they are by far the wealthiest country per capita. They don’t need the extra taxes. This is about something else than economic prosperity.

— typing…. 👉 𒀭👈 (@WagmiWan) October 20, 2024

Greed.

This is what happens when you attack entrepreneurs and business leaders. They leave

— Alex Finn (@AlexFinnX) October 20, 2024

And all their money goes bye-bye.

Yeah, that’s what happens when you try to squeeze the rich too hard—they pack up and leave. Same story everywhere. Chasing ’em away costs more than it brings in.

— TapForNerd (@tapfornerd) October 20, 2024

You’d think they’d learn this.

Sounds exactly like California.

— Roscoe Smith IV (@LoneStarLegendX) October 20, 2024

Sure does.

This is always the outcome. The wealthy are mobile and money grabbing government shills are morons.

— Doc Savage. (@1Savage_Doc) October 20, 2024

Truth!

Just watch what happens if harris’ unrealized capital gains tax were to take effect.

Spoiler: The same thing on an exponentially larger scale.

— Billy Bob (@The_Real_Solyad) October 20, 2024

YUP.

Right… if you tax the bejesus out of people with means, they WILL leave. This should surprise nobody.

— Tesla Tidbits (@teslatidbits) October 20, 2024

And yet the Left is always surprised by this.

Gold standard on showing how taxes can hurt people. https://t.co/12232sSMEt

— Tom (@TLCards17) October 20, 2024

Textbook example.

Who could have seen that coming? https://t.co/xyBUTOamNr

— 🇺🇸Chicano Libertario 🟨 (@XicanoLiberario) October 20, 2024

Everyone.

Rich people have the ability to leave.

But this simple understanding seems beyond most politicians for some reason. https://t.co/MnTS2CV7zm

— Hammerjack (@Hammerjack90) October 20, 2024

Because politicians by and large don’t think about consequences.