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Reposted by szokovacs.bsky.social

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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szokovacs.bsky.social @szokovacs.bsky.social · 02/07/2026

It was so good hearing @danielobrien.bsky.social talking positively about the attached bottle caps, since in europe (or at least hungary) it's the latest symbol of eu government overreach, even moderate people are in up in arms against it, for no good reason. It's not even funny any more.

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szokovacs.bsky.social @szokovacs.bsky.social · 07/03/2026

On QQ with @danielobrien.bsky.social and @sorenbowie.bsky.social they talk about how it seem magic when someone really knows his craft. It reminds me Mozart's dying scene in Amadeus, they talk in shorthand and Salieri is awestruck by the beauty of the song while we (I) don't understand any of it...

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szokovacs.bsky.social @szokovacs.bsky.social · 15/09/2025

I just watched The Coffee Table. Because @gamefullyun.bsky.social hyped me up to it. It's 89 minutes, it took hours. I would rewatch Funny Games or Irreversible, but not this. I was hoping for any relief, a twist, something not predictable, but no, the story is on a rail, no escape before the end.

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szokovacs.bsky.social @szokovacs.bsky.social · 17/03/2025

I dedicate Connections #645 to @danielobrien.bsky.social for constantly mentioning Ben Folds on @quickquestion.bsky.social, without it would have been much harder for me. I will celebrate with actually listening to one (1) of the band's songs. (it's a band, right? because of 5?)

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Reposted by szokovacs.bsky.social

Anonymous @youranoncentral.bsky.social · 30/11/2024

The Moscow puppet government in Georgia decided to attack pro-democracy protestors with water cannons, pepper spray, tear gas, and rubber bullets, the protestors responded with the equivalent of a fireworks mini gun. #georgiaprotests

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szokovacs.bsky.social @szokovacs.bsky.social · 16/05/2024

So my son is watching Peng.of.Madag show, and there's a scene where they refuel the spaceship by burping into the fuel tank in tune for the Blue Danube waltz and my immediate thought was 'hey, they did this in Animaniacs 20 years before'. So maybe I listened too much @1900hotdog.bsky.social podcast?

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szokovacs.bsky.social @szokovacs.bsky.social · 02/03/2024

I'we seen the news about the Naked Gun remake, the one of the pictures were from Taken and until I read it in full I thought there will be a Taken remake with Leslie Nilsen's AI avatar. I disapprove of AI in art, but this would be awesome :)

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