iiinova — where your digital self keeps evolving

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Jake Grumbach @jakemgrumbach.bsky.social · 09/10/2026

New working paper: the Norwegian wealth tax was a huge success. The "exodus" of wealthy people never happened (less than 100 individuals left). Tax revenue increased by 71.5%. No changes in business activity or investment. www.nber.org/papers/w35854

Taxing Entrepreneurial Wealth: Evidence from
Norway, 2021-2025
Marius A. K. Ring
WORKING PAPER 35854|
DOl 10.3386/w35854
ISSUE DATE October 2026
Whether imposing higher taxes on business owners adversely affects business activity by constraining investment and inducing capitalist flight is a central question in the ongoing debate on how to tax the ultra wealthy. To shed new light, I exploit a series of related Norwegian reforms during 2021-2024 that increased dividend tax rates, removed migration-related capital gains tax loopholes, and nearly doubled the effective marginal tax rate on business wealth. These reforms spurred international debate and, allegedly, an "exodus" of Norwegian billionaires (Financial Times,
2023). While I document clear effects on migration, these responses are concentrated among the top 0.1% of the wealth distribution and mostly confined to 2022 and 2023. My results indicate that at most 100 individuals left due to the reforms. I find no evidence of significant outmigration or reduced inflows of startup founders or inventors. I estimate that absent any outmigration, wealth tax revenues would have increased by 75% from 2021 to 2024. Reform-driven outmigration lowers the revenue gain to 71.5%. My findings further show that outmigrating owners' firms remain economically active and do not reduce investment. In a broader set of analyses, I examine whether business outcomes are affected, regardless of whether owners outmigrate, since firms may reduce investment both due to liquidity constraints or distortions to owners' savings decisions. I compare firms owned by Norwegian individuals subject to the wealth tax with firms owned by foreigners and other tax-exempt entities. By merging historical ownership data from Orbis with the Norwegian shareholder register, I perform these analyses on both Norwegian and foreign-domiciled firms.
Across settings, I find no evidence that Norwegian-owned firms pay out more dividends or invest less after the reforms,…

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Andrei @andreistephens.bsky.social · 09/10/2026

So there are 3 hurricanes approaching North America, they’re predicting “unsurvivable” storm surge all along the Gulf of Mexico, we have no FEMA (basically), and the thing we’re currently able to debate in this country is whether we should becalling it the “Gulf of Mexico”.

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Andrei @andreistephens.bsky.social · 04/10/2026

These Amy Acton commercials about her crying on the floor are definitely effective at making her more relatable

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Andrei @andreistephens.bsky.social · 22/09/2026

Hope, for lack of a better word, is good.

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NY Times Pitchbot @nytpitchbot.bsky.social · 17/09/2026

Liberals say that Trump and his band of drunks, sex abusers, and white nationalists have put our democracy at risk. They're wrong—Trump and his band of drunks, sex abusers, and white nationalists have put our republic at risk.

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HELL Kennedy @helenkennedy.com · 16/09/2026

These are the people who cut food stamps for hungry children because they say poor people don't want to work.

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Andrei @andreistephens.bsky.social · 16/09/2026

They’re calling it “quiet quitting”

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Andrei @andreistephens.bsky.social · 16/09/2026

My take is that one must never underestimate the cluelessness

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Abdul El-Sayed @abdulelsayed.bsky.social · 16/09/2026

Mike DODGERS is too cowardly to show up to debate me.

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Sara Likes Hockey @helmerroids.bsky.social · 16/09/2026

Holding the American Hague trials at Four Seasons Total Landscaping

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Snow Burrow @bostonjerry.bsky.social · 15/09/2026

It's sure looking like the first domino in the coming economic collapse is gonna be an oil supply shock.

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Erin 🍂 fall is fall 🐦‍⬛ @wearegonnafindout.bsky.social · 14/09/2026

Do you ever get a morality headache. Like a physical one

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Sean T. Collins @seantcollins.com · 10/09/2026

3 things about Dem politicians who dabble in transphobia: 1. It's wrong, they're wrong, on a moral basis they're being evil 2. It's stupid, they're stupid, they'll never get any credit from the fascists for it 3. It's proof you're not capable of reading or rising to this, and therefore any, moment

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Andrei @andreistephens.bsky.social · 09/09/2026

Absolutely no need to be sorry! I think these companies are getting some benefit from a lot of people not taking them seriously in this exact way. I’m asking “ok, you’re going to go public at $2T … what do you own that makes your future revenues worth that?” The answer is … bad.

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Andrei @andreistephens.bsky.social · 09/09/2026

So the expectation is that a general intelligence will work to maximize shareholder value for a specific company. This assumes that this general intelligence — potentially consciousness — will be *required* to work specifically to maximize shareholder value of specific companies? How does that work?

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Andrei @andreistephens.bsky.social · 09/09/2026

Based on what assets, though? The implication is that this intelligence would scale infinitely, not that it can create things from nothing, right? It’s “infinite workforce” not “literally alchemy” or do I have that wrong?

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Andrei @andreistephens.bsky.social · 09/09/2026

So the plan is that there’s software that has “general intelligence”, and potentially even “consciousness” … and the plan is to … own it? And sell its labor for profit, directly in competition with paid human workers? Oh. So that’s what they’re asking people to invest in?

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Andrei @andreistephens.bsky.social · 09/09/2026

To be worth hundreds of billions of dollars, they would need to own something that generates orders of magnitude more revenue than chatbot subscriptions. So they’re saying they’re going to “achieve AGI”. How does it benefit their company’s profitability to achieve this?

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Andrei @andreistephens.bsky.social · 09/09/2026

The fact that distillation *is possible* means that the premium for a new model is inherently short lived. Oh, these guys are suddenly the champions of IP protection? They should have their autocomplete write out how much better something would have to be to command a premium in a crowded market.

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Andrei @andreistephens.bsky.social · 09/09/2026

They don’t own their compute. They don’t own their staff — the entire C suite turns over weekly? — or their customer relationships, which are either month-to-month subs or literally metered. Switching costs are minimal.

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Andrei @andreistephens.bsky.social · 09/09/2026

I’m confused about the target valuations for the AI labs. SpaceX at least owns the compute; that’s what they’re going to charge for. So even though their business plan is wildly ambitious (diplomatically) there *is* a plan. What do the AI labs own?

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Andrei @andreistephens.bsky.social · 09/09/2026

It would be great if the message were “you’re struggling because of these specific people who are on the news every day announcing that they’re robbing you” instead of blaming immigrants and the concept of structural inequality

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mtsw @mtsw.bsky.social · 03/09/2026

It is extremely funny to me how the mortgage industry heavily boosted Trump in 2024 and were convinced he would result in lower interest rates. Idiots!

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Andrei @andreistephens.bsky.social · 27/08/2026

People still talking about the “SaaSpocalypse”

Post showing two bolts and reading “This bolt on my helicopter rotor is rusted out. Robinson wanted $1,590 for a new one.
I was able to 3D print my own for pennies. Companies can't scam consumers anymore.”

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orinoco boo @nocontroller.bsky.social · 26/08/2026

guys lets become universally beloved

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Tim Murphy @timothypmurphy.bsky.social · 20/08/2026

national debt is going to be such an urgent issue in exactly two-and-a-half years. wish i could actually put money on that.

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Andrei @andreistephens.bsky.social · 04/08/2026

This is now an actual product and I’m happy about that.

A “quiet please” commentary free feed of the rocket Classic on the ESPN app

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Andrei @andreistephens.bsky.social · 04/08/2026

This is the greatest product

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Andrei @andreistephens.bsky.social · 12/07/2026

Another promising young Senator cut down in his prime

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Alex Kirshner @alexkirshner.com · 02/07/2026

What was the point of the years of naked corruption if we're gonna get screwed like that?

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Andrei @andreistephens.bsky.social · 25/06/2026

“AI will destroy companies” they said

Push notification from yahoo finance: “MSFT reached a 52 week low at $352.71”

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Andrei @andreistephens.bsky.social · 24/06/2026

Why do republicans want the US MNT to lose the World Cup

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Andrei @andreistephens.bsky.social · 23/06/2026

Turned on Bloomberg to the anchor saying “it’s fun to talk about, but maybe not to invest in”

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Jan Mieszkowski @janm.bsky.social · 14/06/2026

Balsam root on the Rowena Plateau in the Columbia River Gorge. #WildflowerHour

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Andrei @andreistephens.bsky.social · 29/05/2026

This is a lyric from a song about Charlie Sheen watching a Japanese horror movie

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Andrei @andreistephens.bsky.social · 29/05/2026

I will rise to this occasion

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Andrei @andreistephens.bsky.social · 29/05/2026

It’s so funny how the card companies have systematically devalued their points and then are trying to get you to do things for the same number of points. Sure, I’ll add a card for 1/3 of a flight someday. What?

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Alejandra Caraballo @esqueer.net · 22/05/2026

These 8 Democrats voted to pass a national ban on trans teachers and mention of LGBTQ topics. Rep Henry Cuellar (TX) Rep. Don Davis (NC) Rep. Cleo Fields (LA) Rep. Laura Gillen (NY) Rep. Vicente González (TX) Rep. Marcy Kaptur (OH) Rep. Marie Gluesenkamp Perez (WA) Rep. Eugene Vindman (VA)

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Andrei @andreistephens.bsky.social · 21/05/2026

This is just the plot of The Social Network so

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Andrei @andreistephens.bsky.social · 21/05/2026

6. Nobody checks citations just say things

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Andrei @andreistephens.bsky.social · 21/05/2026

3. Selling ideas and influence works when nothing tangible is as easy 4. Align yourself with capital so that you’ll get support or at least not blocked by people who already have influence 5. Make sure you incorporate horniniess at least implicitly because this is why people do things unknowingly

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Andrei @andreistephens.bsky.social · 21/05/2026

1. They’re like “he’s a scammer” and that “he says it’s hinted at” but then point out *without landing it* that 2. He’s all about whatever emerging technology is indistinguishable from magic so you can make it seem bigger as an opportunity of vibes as people with money want to take advantage

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Andrei @andreistephens.bsky.social · 21/05/2026

I love this podcast but they’re clearly missing the validity of this one podcasts.apple.com/us/podcast/i...

podcasts.apple.com

Think And Grow Rich

Podcast Episode · If Books Could Kill · May 21 · 1h 3m

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