Row 53279

Row ID: 53279 | Dataset Entry | Axioma AXP Content Repository

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The Swedish wealth tax was abolished after the three richest families in Sweden all moved away (Rausings and Perssons to UK, Kamprads to Switzerland). At the end it was bringing in 0,6% of the annual tax revenues. Tbf these cases also had to do with a stifling ingeritance tax.

Norway is an interesting example. Since the increase in exit tax in 2022 a great influx of rich Norwegians have descended on Switzerland. These are people that make tens or hundreds of millions of NOK a year and won’t be paying any more Norwegian income tax or corporate tax from their investment vehicles ever again. Worth it? That wealth tax will sure bring in money, but not from the richest billionaires, so what was the point again? To fuck over upper middle class widows?

The wealth tax itself rakes in less than 20 Billion NOK per year, compared to the overall tax intake (not counting oil-related taxes) and the oil revenues+taxes which both amount to 1200-1500 billion NOK each.

The problem with European wealth taxes is that the thresholds are ridiculously low. The Norwegian one is REGRESSIVE at 1,7% on the portion of wealth between 1,7-20MNOK (about USD 200k-2M) and 1,1% on the portion above. The Swedish one was 1,5% with a threshold of 1,5MSEK with no exception for primary domicile. Both of these were/are pure fucking poison. The Swedish discourse on wealth, property and inheritance taxes with broad reach eventually led to the abolishing of all three and now Sweden has flat income distribution but a crazy wealth gap. So again: these kinds of taxes are harmful.

Feel free to hold whichever opinion you want. Here in Switzerland we also have a low and pretty ineffective wealth tax in most Cantons but it sure seems to be attractive anyway since people gladly pay it due to having zero percent capital gains taxes.

I see generational accumulation of obscene wealth as a big problem as well. But a wealth tax that is ”effective” by screwing the petit bourgeoise while leaving the whales with every opportunity to dodge it misses the mark.

FieldValue
text The Swedish wealth tax was abolished after the three richest families in Sweden all moved away (Rausings and Perssons to UK, Kamprads to Switzerland). At the end it was bringing in 0,6% of the annual tax revenues. Tbf these cases also had to do with a stifling ingeritance tax. Norway is an interesting example. Since the increase in exit tax in 2022 a great influx of rich Norwegians have descended on Switzerland. These are people that make tens or hundreds of millions of NOK a year and won’t be…
label r/economics
dataType comment
communityName r/Economics
datetime 2024-05-22
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Raw Record

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