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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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blumoonmermaid.bsky.social @blumoonmermaid.bsky.social · 15/07/2026

Dubbed Argentina v England the "Butthole Bowl" and it is NOT disappointing so far

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blumoonmermaid.bsky.social @blumoonmermaid.bsky.social · 27/04/2026

trump: *still talking about the Nutzi rally his supporters had in Cville in 2017* Cville:

media.tenor.com

a picture of mariah carey with the words why you so obsessed with me above her

ALT: a picture of mariah carey with the words why you so obsessed with me above her

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blumoonmermaid.bsky.social @blumoonmermaid.bsky.social · 27/04/2026

I see trump is still babbling about 1 day in my town that was about 10 years ago

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Reposted by @blumoonmermaid.bsky.social

StrictlyChristo 🇺🇦🌻 @strictlychristo.bsky.social · 28/02/2026

It's a Republican tradition.

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