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Jake Grumbach @jakemgrumbach.bsky.social · 7h

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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Exploring Baseball History @bballhist.bsky.social · 12h

I hate MLBs newest proposals. 162 to 154 is step one in ruining the regular season, the best part of MLB Longer playoffs is meh since they are already a slog More off days in the playoffs means depth matters even less. Salary cap sucks obv. To repeat: Billionaires ruin everything.

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VoteHub @votehub.com · 23h

On Supreme Court term limits: Sen. Susan Collins: “Absolutely not. I’m sure that Troy wants to pack the court.” Troy Jackson: “I wouldn’t have to pack it if you didn’t put in Kavanaugh."

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Exploring Baseball History @bballhist.bsky.social · 22h

Another Yankees thought (sorry) Championship or bust is miserable and fans/team should knock it off. I was frustrated much of this season but winning 93-94 games three straight seasons is good. Be happy! In fact, this thought is for everyone not just the Yankees.

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Exploring Baseball History @bballhist.bsky.social · 08/10/2026

That is now 9 straight years of the Yankees getting exactly what they deserve at the end of the season. That is not a complaint or an anti-yankee thing. It's just weird.

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Exploring Baseball History @bballhist.bsky.social · 07/10/2026

Cambridge rules, Oxford Droolz, thpbtthpbtthpbt

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John Conor Ryan @johnconorryan.bsky.social · 07/10/2026

Then it's evident that the data center fracas and the fight over oil's responsibility for the climate crisis are just the most in-our-faces example of unpriced systemic risk. It's time to systemically price externalities. Unpriced is not unpaid. www.calx.info/ledger/unpri...

calx.info

Unpriced Does Not Mean Unpaid — Calx Analytics

A cost excluded from one balance sheet will always appear on another. It appears in a household’s medical expenses, an insurer’s losses, a government’s adaptation budget, a farm’s diminished output, o...

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Exploring Baseball History @bballhist.bsky.social · 07/10/2026

This has been a post season, esp. a DS round, straight out of the 60s except less small ball and fewer starter innings and more home runs and bullpen innings.

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Exploring Baseball History @bballhist.bsky.social · 07/10/2026

I agree with this. I think his biggest strengths are communication, getting players inside, being calm when shit is hitting the fan. We don't see that stuff. And the last one can be a weakness as well.

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Exploring Baseball History @bballhist.bsky.social · 06/10/2026

I agree on 3a. I think Boone is...fine...as manager. There are worse but also better.

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Exploring Baseball History @bballhist.bsky.social · 06/10/2026

I didn't even know it happened until my 20s!

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My Baseball Page @mybaseballpage.bsky.social · 06/10/2026

Good stuff from EBH, agree 100%

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Exploring Baseball History @bballhist.bsky.social · 06/10/2026

RIP Sam McDowell Should be in the Hall of Fame!

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Exploring Baseball History @bballhist.bsky.social · 06/10/2026

Possible exception: They may have been better than the 2024 Dodgers but then the embarrassing implosion thing...

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Exploring Baseball History @bballhist.bsky.social · 06/10/2026

3) Since 2018 the Yankees have gotten exactly as far as they have deserved. No major upsets either way since beating CLE in the 17 ALDS. Given the nature of the playoffs, that is incredible. Given that NYY are usually like 4th best in MLB also very frustrating.

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Exploring Baseball History @bballhist.bsky.social · 06/10/2026

Two Yankees thoughts: 1) every year this team embarrassingly implodes once or twice in the series it will lose. Frustrating in the extreme. 2) it's not because of the Rays brand of baseball (whatever that is). It's 2 baseball games and anything can happen. Stop with the small ball love fest.

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Exploring Baseball History @bballhist.bsky.social · 04/10/2026

I am sorry. You went where and who won?

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Exploring Baseball History @bballhist.bsky.social · 04/10/2026

First, one game series just beg for a bullpen game and bullpen games suck. Second, I hate the idea of a division win turning into a one and done, possibly against the team that finished second. Pass.

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Exploring Baseball History @bballhist.bsky.social · 04/10/2026

@joeposnanski.com argues turning three game series into one game series citing that 19 of 20 teams that won game 1 have won the series. Good point (though some of that is randomness) but I disagree for two reasons.

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Exploring Baseball History @bballhist.bsky.social · 04/10/2026

This isn't the point but I can't help myself. Why do you have to run models to know if it is bad? The people who run models must think it's good, it's why they run the models! You can't critique fascism unless you are a fascist either I guess?

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Exploring Baseball History @bballhist.bsky.social · 03/10/2026

I thought I have seen a bunch of ads for electricians at data centers. Though that could be propaganda. Either way, it's not something that will grow forever.

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Exploring Baseball History @bballhist.bsky.social · 03/10/2026

And how much of the need dissipates if data centers aren't being built?

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Rob Burgess @robaburg.bsky.social · 02/10/2026

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Exploring Baseball History @bballhist.bsky.social · 01/10/2026

What happens with the Man City women's? Are they implicated in all of this since they are a part of the club? Did they benefit?

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Exploring Baseball History @bballhist.bsky.social · 01/10/2026

I can confirm that he really did have a cool stache in 1986.

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Brett "Solidarity 2026" Banditelli @banditelli.org · 01/10/2026

Fine in 2029 we're exonerating Sacco and Vanzetti.

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Philip Michaels @philipmichaels.bsky.social · 01/10/2026

Every time the announcers mention Altuve is one homer from tying the all-time postseason mark, an annoying goose should appear to ask about how he racked up some of those dingers.

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Tariq Panja @tariqpanja.bsky.social · 30/09/2026

Andy Burnham's comments today expose the situation of selling national football teams to foreign states. He's taking a view, at least in one reading of his comments, that corrupting the national game is not as big an issue as potentially losing foreign investment in Manchester.

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Jacob Pomrenke @buckweaver.bsky.social · 30/09/2026

Today SABR launched an incredible new book and companion website on Baseball at Manzanar: How We Played the Game, 1942-1945. It’s the story of 120,000 Japanese Americans who were removed from their homes after Pearl Harbor and forced to live at remote incarceration camps: sabr.org/baseball-at-...

Cover image for SABR’s “Baseball at Manzanar: How We Played the Game, 1942-1945,” edited by Russ Speiller and James Forr.

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Exploring Baseball History @bballhist.bsky.social · 29/09/2026

You know what would be cool? If baseball fans could watch the baseball playoffs...

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Ed Zitron @edzitron.com · 29/09/2026

Reuters got some of the IPO docs. Anthropic is a total dog of a company. Spent $12.6bn to make $4.6bn in revenue in 2025, $7.33bn of which was compute costs. Operating loss of $8bn. Losses getting worse year over year. Amazing stuff www.reuters.com/business/fin...

Summary
Companies
• Anthropic IPO could value the company at more than $2
trillion
• Anthropic lost $42 billion in 2025
• Al lab spent $7.33 billion on compute and infrastructure last year
• Operating loss widened to $8.06 billion in 2025 from $2.98 billion in 2024
• Execs, industry analysts have expressed concerns over harms of Al tech
Sept 28 (Reuters) - Anthropic is making a massive bet that Al will transform the global economy more profoundly than industrialization, electricity and the internet, according to its IPO prospectus seen by Reuters.
But the cost to get there will be staggering. Anthropic reported a net loss of $42 billion in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming year, according to the
prospectus.

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Erin Grievances @erinbartram.bsky.social · 29/09/2026

People are really mad at me being a big snob about liberal arts education but this was really a desperate plea for engineers to stop thinking every other field but theirs is for dumb babies.

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Exploring Baseball History @bballhist.bsky.social · 28/09/2026

This is from almost 2 years ago. Looks like they get him for a 5th. As a Giants fan, I am pretty meh about this.

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Exploring Baseball History @bballhist.bsky.social · 30/12/2024

The Giants passed in McCarthy at 6 last year and then he had a knee injury and a lost year of development. I don't think they are trading the 4th for him. So then what? Does a 2nd rounder do it?

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1988 Topps Podcast @1988toppspodcast.bsky.social · 27/09/2026

This week, Red Sox legend Dewey! Dwight Evans is 2nd in games played for the Red Sox. An 8x gold glove, 3x all star, he had great numbers in a 20 year career. Evans lasted just 3 years on the Hall ballot and was passed over by the 2020 Era Committee. 1988toppspodcast.blogspot.com/2026/09/dwig...

1988toppspodcast.blogspot.com

Dwight Evans #470

This week, not Louie or Newie, but Dewey! We talked about Red Sox legend, Dwight Evans! Evans was one of the best right fielders in baseba...

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Sarah Langs @slangsonsports.bsky.social · 27/09/2026

Josh Naylor is the first primary first baseman with 30+ SB in consecutive seasons since 1920-22 George Sisler (Min 50% games at 1B)

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Exploring Baseball History @bballhist.bsky.social · 27/09/2026

Last time they did this they went to the World Series right?

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Exploring Baseball History @bballhist.bsky.social · 27/09/2026

Yeah, you would have to flip out McMahon for someone in that configuration. But Lombard/Volpe double play combo could be above average in 2027.

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Exploring Baseball History @bballhist.bsky.social · 27/09/2026

3.3 WAR over 162 is an above average player. I am not sure he is good but he isn't terrible outside of last year.

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Exploring Baseball History @bballhist.bsky.social · 26/09/2026

There are times when I can convince myself that putting Volpe at 2B next year and letting Jazz walk could work. Then again, Jazz is on that list and there is a hole at 3B.

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Exploring Baseball History @bballhist.bsky.social · 26/09/2026

Amazing considering Judge was bad in May and wasn't very good in his ride return. Just goes to show how awesome a healthy Judge is. Also...Volpe!

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Exploring Baseball History @bballhist.bsky.social · 26/09/2026

I actually disagree. I may be an anglophile (spent four years in the UK) but I found the British office much less fun than the American one. Or at least the first four seasons of the American one.

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