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Jake Grumbach @jakemgrumbach.bsky.social · 10h

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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David_j_roth @davidjroth.bsky.social · 08/10/2026

This is as clearly as I've seen this spelled out. If the PCSA smelled off to you but you didn't know quite why, this interview offers very lucid proof that you were correct. defector.com/an-antitrust...

What you're saying is, the antitrust exemptions in the NBA, MLB, NFL, etc. are allowed as a result of the collective bargaining process, whereas the PCSA seeks a similar exemption by circumventing the collective bargaining process. Is that correct?

Generally, yes. When we talk specifically about labor markets, all of the restraints that we see in labor markets of our professional sports leagues—the salary cap, the draft, the limits on player movement, every single one of them—to the extent that they're exempt from antitrust law, are the products of good-faith collective bargaining between the management group and the players group, and exist in a collective bargaining agreement that was reached through good-faith bargaining.

What is being proposed with the Protect College Sports Act is to establish the exact same types of labor restraints, specifically a salary cap, specifically a number of years of eligibility to compete in college sports, and specifically limits on transfers, but not to do so in collective bargaining where there are representatives in the room, on behalf of employer and employee, but rather through a legislative bill, which seems to be negotiated by a number of different constituent groups, none of which is a representative of the players in any meaningful sense, and absolutely none of which have been chosen and selected by the players as a union representative.

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Guy Berger @econberger.bsky.social · 08/10/2026

I occasionally see the question "why hasn't hiring picked up more given the increase in job openings" but the very small increase in hiring we've seen is consistent with the concurrent small increase in job openings

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Kai Ryssdal @kairyssdal.bsky.social · 08/10/2026

I’m literally at a loss for words

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BUM CHILLUPS AKA SPENCER HALL AKA PRESIDENT FOOTBALL @edsbs.bsky.social · 08/10/2026

I can't tell you how nothing Keisha Lance Bottom's whole campaign here has been. She is just chilling. Being in the moment. Buying zero ads. Practicing self-care. Maybe in Turks and Caicos for the last two weeks? Who can say.

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Nathaniel William Horadam @horadam.bsky.social · 08/10/2026

Any state Democratic party directing its voters to vote by mail is committing serious malpractice

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Rodger Sherman @rodger.bsky.social · 08/10/2026

I have done a total 180 from Guy Who Didn’t Think Angel Reese Was Very Good to Angel Reese Basketball Appreciator

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gamichman.bsky.social @gamichman.bsky.social · 07/10/2026

Why do we need this office? Just get rid of it. Make the speaker the executive. Make it a parliamentary system.

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gamichman.bsky.social @gamichman.bsky.social · 07/10/2026

Deadwood. The Americans. Band of Brothers (I know it's just one season but it is endlessly rewatchable). Seinfeld. Fleabag.

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Radley Balko @radleybalko.bsky.social · 05/10/2026

Just a reminder: Tillis persuaded the woman Hegseth allegedly raped to come forward with her story, and told her that if she did, it would sink the nomination. She did. At great risk to herself. Tillis then cast the deciding vote for Hegseth. Because he’s a goddamned coward.

ms.now

Outgoing Sen. Tillis regrets pivotal vote for Hegseth: ‘He’s an actor. He’s not a manager’

Outgoing Sen. Thom Tillis spoke to MS NOW about regretting his vote to confirm Pete Hegseth and his strained relationship with Trump.

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gamichman.bsky.social @gamichman.bsky.social · 06/10/2026

from a purely outside POV, Zack Marshall seems to have accurately diagnosed the offensive problems and the description of Beck fits the arrogance of how the install and offense has been run so far.

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ProPublica @propublica.org · 06/10/2026

4/ Fernando Vasquez, an 18-year-old citizen, was on break from work when agents chased and handcuffed him, then put him in their truck. After realizing their mistake, the agents left the teen alone in the woods, with no way to get home. Then they threw his ID out of the truck.

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ProPublica @propublica.org · 06/10/2026

3/ 100+ Americans have been held after agents questioned their citizenship. Nearly all of them were people of color. They say they were profiled — detained because of their skin color, accents or jobs. “ICE isn’t looking for criminals. They’re looking for Latinos,” one said.

100+ U.S. citizens held after agents questioned their citizenship

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A Meatwad on Elm Street @wrenispinkle.bsky.social · 06/10/2026

Democrats and leftists can either pretend like people who worry about this are hysterical conservatives and ignore it until the problem becomes so great that desperate voters turn to shitbird Republicans to crack down, or they can find a solution, like, now

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gamichman.bsky.social @gamichman.bsky.social · 05/10/2026

I still don't understand the stated reason for this war. If it's about nuclear weapons then either a) they destroyed Iran's capability and what are we doing still fighting over there; or b) they DIDN'T destroy their capability and what are we doing not doing more?

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CJ Fogler @cjzero.bsky.social · 04/10/2026

Cavan Sullivan you magnificent bastard #USMNT

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gamichman.bsky.social @gamichman.bsky.social · 04/10/2026

Possibly this is related to why his hand is bruised all the time

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Dave Levitan @davelevitan.bsky.social · 04/10/2026

I know this isn’t useful but it’s weird how “the president should be coherent” was a Very Important Thing just a few years ago and then suddenly wasn’t.

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Sam @samd.bsky.social · 03/10/2026

Jose Andres is the absolute GOAT. turbolib who has brought meals to disaster zones after the Haiti earthquake & to war-stricken families in Ukraine and Gaza and now he’s YIMBYposting in the face of Spain’s severe housing shortage

@chefjoseandres
X.com
© Translated from Spanish by Grok
Incredible to see the "experts" on resolving the housing emergency that Spain is experiencing! On every television! @telediario_tve @ANoticias
@tele5_noticias @noticias_cuatro The reality is that we have politicians who try to create decrees and solutions when they lack the preparation or knowledge to devise a real solution to the problem we're facing.
Spain doesn't have a problem of a lack of decrees. It has a problem of a lack of housing.
And as long as the Government keeps confusing announcing measures with solving problems, we'll keep paying the consequences of its inaction.
Subsidizing demand without increasing supply pressures prices. Regulating a market more and more without building new housing doesn't eliminate scarcity: it manages it. Taxing a type of rental can change incentives, but it doesn't lay a single brick either.

Because housing doesn't get cheaper by distributing scarcity. It gets cheaper by ending it.
Spain needs to build. A lot.
More available land. Permits in months, not years. More density wherever possible. Legal certainty. Much more public housing and also private housing.
But the Government isn't doing what's necessary. It prefers to intervene on the few homes that exist rather than create the conditions for there to be many more. It prefers to present patches as solutions and load the cost of its failure onto owners, developers, and citizens.
The rest can serve to redistribute, protect certain groups, or change incentives. But let's not confuse that with solving the underlying problem.
You don't fix a lack of housing by better distributing the few homes that exist. You fix it by making many more exist.
Less propaganda. Less patches. Less obsession with intervening on the same apartment.
More supply. More construction. More homes.

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PTKU Mega-Booster @emgoblue2023.bsky.social · 03/10/2026

The Wolf Man’s still got it

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PTKU Mega-Booster @emgoblue2023.bsky.social · 03/10/2026

🚨🚨🚨 We have a Late Game Frames situation in Blacksburg 🚨🚨🚨

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Daniel Kay Hertz @danielkayhertz.bsky.social · 03/10/2026

Obviously I’m entirely made of Housing but a real good zoning reform we could make is re-legalizing corner stores on residential streets. Banned by the same 1957 code that banned ADUs, so maybe that’s next

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Ben Mathis-Lilley @benmathislilley.bsky.social · 03/10/2026

I actually did not think we would top made up final play Hail Mary but misguided James Franklin missed field goal actually went in is pretty good

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Sickos Committee @sickoscommittee.org · 03/10/2026

Back and to the left

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gamichman.bsky.social @gamichman.bsky.social · 03/10/2026

That VT kicked looked pretty good from the availability replay.....

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gamichman.bsky.social @gamichman.bsky.social · 02/10/2026

I grew pretty accustomed to the all whites.

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jam @socialistboat.dad · 01/10/2026

Caffeine doesn't replace lost hours of sleep, it only masks the fatigue signals to your brain so you don't realize how tired you actually are. You still suffer the cognitive and physiological deficits from the sleep deficiency, you just can't tell. Which is good actually and fine I've decided

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Josh Marshall @joshtpm.bsky.social · 02/10/2026

It's hard to tell which is weirder: the fact that these guys seriously suggest that models like Claude have consciousness/sentience or that they actually invest time and money (weird!) trying to convince the Pope as well as theologians and legal scholars of this belief.

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Emily @emilydawn.bsky.social · 01/10/2026

@hockeyviz.com I found some beautiful data viz for you

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Adam Serwer @adamserwer.bsky.social · 01/10/2026

The want to rehab nixon because they think what he did was good and shouldn’t have been seen as bad!

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Brad DeLong @braddelong.bsky.social · 01/10/2026

J.D. Vance promised seven million sidelined men would come roaring back into work. A year of data says native-born male employment ran below its 2024 level—and the “women took all the jobs because men replaced deported immigrants” story turns out to be pure invention": **CROSSPOST: MIKE... 1/

braddelong.substack.com

CROSSPOST: MIKE KONCZAL: Can We Find Literally Any Sign Deportations Are Helping Native-Born Workers?

Mike’s subheadline: “Shoot the moon! Ten hypotheses, ten charts, and no payoff for native-born workers”; the phantom deportation dividend as foreign-born complement, not substitute for, native-born...

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Nathaniel William Horadam @horadam.bsky.social · 01/10/2026

Pardons don’t immunize against federal civil liability, state criminal & civil liability, and international criminal liability. Dems should promise to use all the above against those stealing from taxpayers, striking corrupt deals, murdering American citizens and aliens, and committing war crimes.

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Dante Atkins @danteatkins.bsky.social · 01/10/2026

Read this account of what Russian soldiers are going through in Lyman, where a well-organized counterattack has helped Ukraine close a salient and inflict massive casualties. This is what happens when you run a military like Pete Hegseth wants to run it.

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gamichman.bsky.social @gamichman.bsky.social · 01/10/2026

AI is at a minimum going to confuse how we think of "creation". How are we going to view or define an author who comes up with a unique character, plot, etc but utilizes AI to write sections or polish up bullet-point drafts?

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Brandon Friedman @brandonfriedman.bsky.social · 30/09/2026

Pete is lost in terms of modern war. I use the example of this outgunned Ukrainian army officer who successfully terrorized a Russian unit for weeks because she "did the math." At the time, someone commented, "yeah, in combat, 'I did the math' beats 'I can do 100 pushups' every time."

Ukrainian female soldier: Okay, I said the idea is this: There is enough time to empty one full can of 32 grenades and be gone by the time the return mortar fire reaches us. I did the math.

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Aaron Rupar @atrupar.com · 01/10/2026

The fact is Trump not only lost his war but it's the biggest L the US has taken at least since Vietnam. Our bases are destroyed & abandoned, Iran is emboldened, China is toying w/ us. Hegseth & co want to move on to culture war slop, but they got routed & we'll be dealing w/repercussions for decades

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William B. Fuckley @opinionhaver.bsky.social · 29/09/2026

one of the most useful things i've ever done with LLMs is dump a 50+ page document in a language that i don't speak into it, tell it to find the closest in-network provider for address X & need Y. it probably saved me a whole day. l literally don't believe you if you say you can't see utility there

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Joey Politano🏳️‍🌈 @josephpolitano.bsky.social · 30/09/2026

New GDP by State data is out today, and 44 states have seen their economies grow over the last year Fastest: New York (4.6%), Idaho (4.4%), California (3.6%), Florida (3%), Nebraska (2.7%) Slowest: DC (-2.1%), N. Dakota (-.8%), Maryland (-.6%), New Mexico (-.4%), Alaska (-.3%)

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Nathaniel William Horadam @horadam.bsky.social · 30/09/2026

No Woke Department ever lost a war in Iran

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gamichman.bsky.social @gamichman.bsky.social · 30/09/2026

If you study the greatest generals in history, the "why" is almost always "they were great at logistics".

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Kai Ryssdal @kairyssdal.bsky.social · 30/09/2026

This

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Emily Hamilton @ebwhamilton.bsky.social · 30/09/2026

Why aren't these state laws succeeding at enabling a low-cost housing option? I think it's mostly minimum lot size requirements and, to a lesser extent aesthetic requirements, that are shutting out starter homes of all types.

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Emily Hamilton @ebwhamilton.bsky.social · 30/09/2026

Manufactured housing offers SERIOUS cost savings. A single-unit home installed on a permanent foundation costs about 35% of a site built home of similar size and quality: www.jchs.harvard.edu/sites/defaul...

jchs.harvard.edu

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ironeconomist.bsky.social @ironeconomist.bsky.social · 18/12/2025

Here are some extracts that give you a flavour of the authors interpretation: the young lost out to the olds in the cohort dynamics. This is basically true! As true in the workforce as it has been in politics.

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ironeconomist.bsky.social @ironeconomist.bsky.social · 18/12/2025

Or look at this chart. Within every cohort the gender pay gap rises with age, and the entire adjustment came from forcing the starting pay gap lower for new entrants. This is a *huge* relative status decline for young men both relative to women and relative to older men.

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George Pearkes @peark.es · 30/09/2026

Lotta people trying to make this more complicated than it is. Strong growth, yields up ¯\_(ツ)_/¯

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George Pearkes @peark.es · 30/09/2026

It does if this is a global acceleration which is what ~every cyclical data point is suggesting across the two dozen economies I watch regularly.

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