iiinova — where your digital self keeps evolving

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Jake Grumbach @jakemgrumbach.bsky.social · 19h

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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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 02/10/2026

On my final night in Paris I finally found a restaurant with the kind of service Paris is famous for lol

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 27/09/2026

Accidentally ordered this silly coffee with a silly spoon in this Paris coffee shop, trying to fight my jet lag.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 26/09/2026

Arrived in Paris CDG and the passport line for non EU or US holders had at least 300 people waiting. Oh la la. I went through the machine in under a minute but my heart goes out to those other folks.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 24/09/2026

“Catastrophic flash flooding” is expected for Big Island on Thursday through Saturday, with hurricane force winds possible starting Friday night. Hurricane Nolo will be devastating for Hawaii island. www.khon2.com/hawaii-hurri...

khon2.com

TS Nolo forms, Hurricane Watch issued for Big Island

Tropical Depression 15-E is expected to strengthen into a tropical storm by Wednesday, posing risks of heavy rain, flooding, and strong winds across Hawaii.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 20/09/2026

I bike all 12 months of the year. I’ve made it my goal since Covid but it really isn’t that hard. I feel better mentally from being outdoors, and if a lady from Hawaii can do it, most people can too!

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 19/09/2026

Now somewhere in the black mining hills of Dakota There lived a young boy named Rocky Raccoon

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 16/09/2026

The US will do literally everything else besides building more housing when trying to solve homelessness

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 16/09/2026

Let’s gooooo- expand this city- wide please I’m begging you here. Any mayoral candidates wanna endorse this now?

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 14/09/2026

My friends with cars love to tell me it isn’t that much. In Chicago, It is probably more! I’m lucky to live car free but I’ve made a lot of life choices to get there. I live in the city, I’m a parent and have pets- but I make it work because of the huge savings.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 12/09/2026

Fav thing about being in downtown Chicago on a Saturday is seeing all the brides going around taking wedding photos.

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Puff the Magic Hater @mskellymhayes.bsky.social · 03/09/2026

This man is a fucking monster who limped away from Chicago's mayor's office because he'd become unelectable after closing 50 schools and half of our city's publicly funded mental health care clinics, and covering up the fact that Chicago cops murdered a teenager. Stop whitewashing his ass!

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 02/09/2026

Free advice for whoever is running for president- campaign promise to make the day after the superbowl a holiday.

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Every Lot Chicago @everylotchicago.bsky.social · 30/08/2026

3648 West Grenshaw Street

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 27/08/2026

I have myself attempted “why’d you come in here lookin’ like that” in a dive bar in the Seattle suburbs, I was a few beers in and didn’t care how bad I sounded because I knew I’d never be showing my face there again.

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Peter Flax @pflax1.bsky.social · 26/08/2026

I wear a helmet 99% of the time.They can reduce the odds of concussions and certain injuries and will deter people from blaming me if I get hit. I think it's smart to wear one. But countries with low helmet use have a lower rate of death— because 15 other things are more effective safety measures.

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Joel @itsjoels.bsky.social · 25/08/2026

This is the letter kids got at the end of Dolly’s Imagination Library. I defy you to read this and not cry.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 23/08/2026

Good morning it is very important I speak with the person/group who names hurricanes because you’ve made a huge mistake

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Tessa Duvall @tessaduvall.bsky.social · 20/08/2026

🚨 Kentucky has announced the finalists in its "I Voted" sticker contest. 🚨 Per the Secretary of State: Kentuckians can vote for their favorite sticker at the SOS's booth at the State Fair from August 20-30.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 20/08/2026

Eagle I couldn’t tell my family about 😾

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 19/08/2026

My family told me I’m not allowed to point out bald eagles to them anymore. They’ve seen too many and are over it.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 15/08/2026

Hootie Frutti is what happens when you let Manon leave the group

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Lady Topham Catt @ladytophamcatt.bsky.social · 14/08/2026

I gave up on actually understanding what's going on about halfway through this article & decided to just enjoy the wild ride

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 13/08/2026

Curious what questions he is asking if this team is so helpful and engaging.

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Stephen Boisvert 🇨🇦 🟦⭐⭐⭐⭐🟦 @srboisvert.bsky.social · 11/08/2026

Shelf cloud moving over the loop. Chicago storm.

Big shelf cloud over the loop. Looking south from East Lakeview

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 11/08/2026

My neighbor just took his dog out for a walk, right as the rain started here 💀

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 11/08/2026

It isn’t just the tornado stuff- the news is emphasizing the 80-100mph winds in Chicago

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 11/08/2026

Hearing sirens in Logan Square. This lightning graphic is crazy.

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Alex Wellerstein @wellerstein.bsky.social · 09/08/2026

81 years ago today, on August 9, 1945, an atomic bomb was dropped upon the city of Nagasaki, Japan, by the United States. This was 3 days after the first atomic attack on Hiroshima.

Nagasaki, bomber's eye view: Close-up view of the head of the mushroom cloud at the Nagasaki explosion, as seen from either the bomber or the observation plane.

Nagasaki, distant ground view: Photo of the Nagasaki cloud taken ~15 minutes after the atomic bomb detonation, by Hiromichi Matsuda, stationed at Koyagi-jima Island, some 5 miles / 8 km away.

Nagasaki, before and after, aerial views.

Nagasaki, ground view, some weeks after the attack.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 25/07/2026

I’m at the Survivor drag brunch and there’s a senior woman wearing a homemade skirt with pics of Jeff Probst.

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Jenna 🥭 🥐🛤️🫒 @jennanohea.bsky.social · 24/07/2026

Omg this sad loser has never had the joy of eating a warm tomato fresh picked from your backyard garden.

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Mrs. Detective PikaBOO, Esq. @clapifyoulikeme.favrd.social · 23/07/2026

They’re doing generational hate speech on T*reads

kyamawebb 5d
Dear millennials
You don't have to add "lol" or "haha" to every text you send.
You're safe now
Community note
Written by a Threads user
Yes we do lol

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James Fallows @jfallows.bsky.social · 23/07/2026

"They were careless people. They smashed up things and creatures and then retreated back into their money or their vast carelessness or whatever it was that kept them together, and let other people clean up the mess they had made.” This man did incalculable damage, while 'carried away.'