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Jake Grumbach @jakemgrumbach.bsky.social · 21h

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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Mark @jackorugby.bsky.social · 18h

YOU CANNOT CREATE A RUCK ONCE A MAUL IS CALLED ....#GLAVCON

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Mark @jackorugby.bsky.social · 19h

Dumber and dumberer..pair of absolute wallopers

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Harpin' On Rugby @harpinonrugby.bsky.social · 09/10/2026

Our latest “80+ column” newsletter covering topics like… 🏉 Leinster v Cardiff preview 🏉 Let’s be Avan you 🏉 Tackling tackles 🏉 How Bledisloe can they go? 🏉 “...and much, much more” Check it out here > jeffpagano.substack.com/p/80-column-...

jeffpagano.substack.com

80+ column : Oct 9

Our weekly newsletter looking at the wider rugby world

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Leinster Rugby @leinsterrugby.bsky.social · 09/10/2026

🔵 We're seeking applications for the position of Women’s Development Officer (Fingal) 🏉 The successful candidate will be responsible for promoting the women's game to support increased player participation in the area Get more info and apply here 👉 bit.ly/4dtfQyK

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DelMcG @delmcg.bsky.social · 09/10/2026

FREE ticket to #Leinster vs Cardiff tomorrow night at the all new, all singing, all dancing RDS if anyone wants it. Seat in the new Anglesea stand. One of the lads can't make it because apparently he loves his biological family more than his *real* family 🫤 Drop me a line if you're interested #URC

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Mark @jackorugby.bsky.social · 08/10/2026

She'd look great in a bin bag in fairness

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Mark @jackorugby.bsky.social · 08/10/2026

When you can't love this nut job anymore.. #giants #bigblue #nfl #skattebo www.instagram.com/reel/Ddg178r...

instagram.com

Instagram

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Mark @jackorugby.bsky.social · 08/10/2026

How long you been waiting to use that meme /gif

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The Socialist Dad @thesocialistdad.bsky.social · 08/10/2026

Still amazing me that the media and politicians are more concerned about the feelings of people who support genocide than the lives of those murdered in a genocide #ZionismISracism #MakeIsraelPalestineAgain

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Mark @jackorugby.bsky.social · 07/10/2026

Especially if this guy isn't in it

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Mark @jackorugby.bsky.social · 07/10/2026

Isn't Belfast road the m1 or am i missing the joke

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Mark @jackorugby.bsky.social · 07/10/2026

kids from north side eh

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Mark @jackorugby.bsky.social · 06/10/2026

Dolly Parton wig topper ..tom is going for it #gbbo

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Mark @jackorugby.bsky.social · 06/10/2026

Castro had to have minor surgery after being bitten by a mate's dog on his nose always surprising wasn't other way around

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FunnyVia @funnyvia.com · 04/10/2026

If you can't hide a crime scene, just pretend you are a victim

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The Mouthy Renegade Writer @mouthyrenegade.bsky.social · 05/10/2026

Only the most insecure, sus men on the planet talk shit about domestic violence awareness and rape victims telling their stories. Go to Hell, every one of you.