https://twitter.com/DellAnnaLuca/status/1662111839977893888
The recent wealth tax increase in Norway was expected to bring an additional $146M in yearly tax revenue
— Luca Dellanna (@DellAnnaLuca) May 26, 2023
Instead, an estimated $54B-worth of ultra-rich left the country, leading to a lost $594M in yearly wealth tax revenue
A net decrease of $448M+
(sources and calculations β)
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what I am saying is that the economic theory of loss given withdrawal from the market is founded on the principle that revenue will be reinvested in the financial system. Thus a disincentivization to work and trade due to tax burdens is problematic.
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Taxing savings or anything else that people are working for provides a disincentive to work. Furthermore, it distorts incentives from incentives to consumption, which very few sober-minded people would recommend. Ignoring the simple capital flight that will obviously occur.
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