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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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Ben Q @benqbaseball.bsky.social · 08/10/2026

Biggest differences in the Brewers from 25 to 26? Garrett Mitchell Pitching Overhaul Out Peralta Priester Koenig Myers Quintana In Henderson Hall Romero Senzatela Harrison Drohan May I like this years pitching a lot more. Plus huge steps forward from Miz and Gasser.

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ullsperj.bsky.social @ullsperj.bsky.social · 08/10/2026

Idk how I sleep now. Second night in a row. Tomorrow is gonna be rough. At least they won

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Z-Your Enrico Palazzo @enricopalazzo.bsky.social · 08/10/2026

The gauntlet has been thrown down. I'm on the left.

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Peter Baker @peterbakernyt.bsky.social · 08/10/2026

Margaret Hamilton, the first female programmer hired to work on the Apollo project who ultimately led the 100-person team that guided Armstrong and Aldrin to a safe landing on the moon, dies at 90. www.nytimes.com/2026/10/07/o...

nytimes.com

Margaret Hamilton, Whose Software Guided the Apollo Missions, Has Died

Margaret Hamilton, the first female programmer hired to work on the space project at M.I.T., was 90.

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Matt Mueller @amanaboutfilm.bsky.social · 08/10/2026

Welp. Time to kick the shit out of the Dodgers and save baseball.

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Lucas Stoller @lhsto03.bsky.social · 08/10/2026

Me from the moment the ball left Machado’s bat until it hit Mitchell’s glove.

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RD Topp @rdtopp.bsky.social · 08/10/2026

I'm the guy on the extreme right who looked like he just smelled the worst fart ever.

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Matt Trueblood @matrueblood.bsky.social · 08/10/2026

That series lasted exactly 300 plate appearances. The score differential breakdown goes: Tied: 109 PA 1 Run: 132 PA 2 Runs: 59 PA And 29 of those last 59 came at the end of Game 4, as the Brewers finally kind of—SORT OF—pulled away.

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Kyle Lobner @bykylelobner.bsky.social · 08/10/2026

Well, that should make tomorrow's work day on short sleep a little better. Go get some rest, folks.

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Barton @barton13.bsky.social · 08/10/2026

Okay, now that it’s over, what a fucking series. That was some incredible baseball over 4 games. My goodness

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RD Topp @rdtopp.bsky.social · 08/10/2026

The Brewers beat the Padres playing some objectively ugly baseball in the field and getting pretty hit and sequence unlucky basically all series. Their pitching overcame all that and they won the series 3-1. Bring on the Dodgers!

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JR Radcliffe @jrradcliffe.bsky.social · 08/10/2026

Aaron Ashby got the win as God intended.

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ullsperj.bsky.social @ullsperj.bsky.social · 08/10/2026

Brewers!!!!! Back to the championship series!!!! Unreal series from this Crew. That was a huge battle. A very good Padres team

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Nicole Haase @nicolehaase.bsky.social · 08/10/2026

I know we won't talk about it again, but I want everyone to sit with the idea that Bauers was going to retire from baseball but had to keep playing to make sure his pregnant wife had health insurance.

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ullsperj.bsky.social @ullsperj.bsky.social · 08/10/2026

Good luck when his knuckle curve looks like that

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Jim Kogutkiewicz @jimmyfk.bsky.social · 08/10/2026

Garrett Mitchell caught that ball because we committed to booing Manny Machado eight years after the fact. We stuck up for Jesus Aguilar, Mitchell caught the ball. No doubt in my mind.

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Matt Trueblood @matrueblood.bsky.social · 08/10/2026

That was not as hard a catch as Jones's, fwiw. He had time, didn't have to get that high. BUT On back-to-back plays, phenomenal poise from Mitchell, Bauers AND Turang to make makeable plays that were also missable, if you were just a bit less under control or worried about it all.

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Drew Morton @damorton.bsky.social · 08/10/2026

How’s that, Manny?

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Eric Stephen @ericstephen.bsky.social · 08/10/2026

"goddamnit garrett" probably

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Jaymes @jaymesl.bsky.social · 08/10/2026

I’m just sad the inning didn’t end on a strikeout, robbing us of whatever Abner would’ve done to celebrate

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Frightful Boo-schoff @mpbmke.com · 08/10/2026

Hey, fuck that fan, in particular. Great catch, Garrett, eat shit, Manny.

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ullsperj.bsky.social @ullsperj.bsky.social · 08/10/2026

I thought that was an easy fly out off the bat

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ullsperj.bsky.social @ullsperj.bsky.social · 08/10/2026

lol Jesus fucking Christ. I just can’t. Nope. I’ve died

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Nathan @nathanjh31.bsky.social · 08/10/2026

DAWG

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Matt Trueblood @matrueblood.bsky.social · 29/03/2026

Aaron Ashby’s shit is gross.

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ullsperj.bsky.social @ullsperj.bsky.social · 08/10/2026

Ashby is nuts. That was dominating stuff

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JR Radcliffe @jrradcliffe.bsky.social · 08/10/2026

Pssst ... here's the full story from @cyrthogg.bsky.social, who unearthed that nugget about Jake Bauers' decision to come back in 2025, knowing his family would need health care. www.jsonline.com/story/sports...

jsonline.com

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ullsperj.bsky.social @ullsperj.bsky.social · 08/10/2026

Ashby REALLY earning the win tonight

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ullsperj.bsky.social @ullsperj.bsky.social · 08/10/2026

That was another good play from Pratt

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Jaymes @jaymesl.bsky.social · 08/10/2026

It’s a shame Bluesky is asleep and missing the Jake Bauers “I only kept playing because I needed health insurance” story because boy does that say a lot about Everything

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