Governments say they can't tax the super wealthy more because they'll just leave the country but has any first world country tried it in the last 50 years?

[u/Discontitulated]

It would be interesting to see how raising taxes on the super wealthy actually affected a first world country's tax revenue and economy.

Are our first world economies really so fragile the rely on the super wealthy and their meager tax revenue?

[u/Scared_Jello3998]

At least one that I'm personally aware of.

2 years ago, Norway introduced a wealth tax and a number of it's billionaires just relocated, resulting in Norway losing about 500 million dollars because of it.

[u/captainfalcon93 → u/Scared_Jello3998]

Strong increase in wealth tax paid

Figure 2 shows that NOK 26.2 billion in wealth tax was paid in 2022, which is an increase of 42.6 percent from the previous year. Furthermore, we see total payments of NOK 18.3 billion in wealth tax to the municipalities, and NOK 7.9 billion in wealth tax to the state in 2022. This is a strong increase of 20.9 percent for wealth tax paid to the municipalities, while the increase in wealth tax paid to the state is very high, at 144 percent. Both changes in rates and valuation discounts have contributed to the changes in wealth tax paid.

https://www.ssb.no/inntekt-og-forbruk/skatt-for-personer/statistikk/skatt-for-personer/artikler/vekst-i-statens-inntekter-fra-personskatt-i-2022

It seems the bootlickers are out in full force with the '500 million net loss' misinformation.

[u/Scared_Jello3998 → u/captainfalcon93]

Your chart has no data for 2023 wealth tax collection, which is the year that it fell.

Go find me that data and post it here in an update please.

[u/captainfalcon93 → u/Scared_Jello3998]

Easy. All the stats are available through their statistical agency.

https://www.ssb.no/inntekt-og-forbruk/skatt-for-personer/statistikk/skatt-for-personer/artikler/inntektene-okte-mer-enn-skatten

In 2023, resident taxpayers aged 17 and older paid a total of NOK 671 billion in taxes. This was NOK 32 billion more than in 2022, and corresponds to a growth of 5 percent.

Wealth tax amounted to an average of NOK 6,400 for all resident taxpayers aged 17 and older. This corresponds to a growth of 10 percent from 2022. 

[u/YesPleaseHelpMe → u/captainfalcon93]

Does that account for inflation? The inflation for the 2022-2023 year was roughly 5.5%. I can’t read the article since it is in Norwegian

[u/captainfalcon93 → u/YesPleaseHelpMe]

All figures used by the SSB are inflation-adjusted unless otherwise specified.

[u/Scared_Jello3998 → u/captainfalcon93]

Inflation 2022-2023 in Norway - 5.5% and GDP growth in Norway - 2.1%

If the total tax collected did not grow by 7.6%, there was a smaller amount collected relative to the previous year.

It's a good thing your link provides the rationale for the increase (excuse my translation, I'm rusty) 

"This can be explained by a growth in the overall income of resident taxpayers"

[u/captainfalcon93 → u/Scared_Jello3998]

resulting in Norway losing about 500 million dollars because of it.

No, this is just plain false. If you look at statistics from their own statistical agency the total tax revenue from wealth tax paid increasd by 42.6% which is an increase of 8 billion NOK / 700 million dollars.

https://www.ssb.no/inntekt-og-forbruk/skatt-for-personer/statistikk/skatt-for-personer/artikler/vekst-i-statens-inntekter-fra-personskatt-i-2022

Where are you getting a decrease of 500 million USD from?

[u/Scared_Jello3998 → u/captainfalcon93]

You linked 2022, not 2023.  I'll fix that for you;

https://www.ssb.no/inntekt-og-forbruk/skatt-for-personer/statistikk/skatt-for-personer/artikler/inntektene-okte-mer-enn-skatten

In 2023 there was a 5% increase in wealth tax collected.  This occured in a timeframe with 2.1% GDP growth and 5.5% inflation, so an small decrease in proportions while there was an absolute increase that didn't make up the difference 

[u/random_fucktuation → u/Scared_Jello3998]

I'm sure Norway will be okay though, doesn't it have the largest sovereign wealth fund and massive oil revenue?

I.e. a loss of USD500m is mostly a rounding error