In 2016, I wrote that socialism was both evil and stupid.
Today, let’s look at a practical example, starting with this video about Norwegian taxation that is both funny and tragic.
The tragic part of the video is that it is true.
Norway’s leftist government imposed a big increase in wealth taxation, which is causing successful people to flee the nation.
The socialists in Norway (like their counterparts in France) are upset that their intended victims are not being cooperative. Indeed, the Socialist Party even has a “Wall of Shame” identifying these tax-motivated expatriates.
One of the people on that Wall of Shame decided to tell his story.
He explains that he loves his country but he could not remain in Norway because his annual tax bill was more than 100 percent of his yearly income. Several times more than 100 percent!
By the way, it is very easy to wind up with 100 percent-plus tax rates with wealth taxation.
I showed the math a couple of years ago, and I’ve also cited real-world examples from France and the Netherlands.
There are two main takeaways from today’s column.
- First, Norway is lucky to have lots of oil, which helps to offset the damage of the aforementioned crazy tax policy.
- Second, Americans can breath a sign of relief that we won’t be subject to the backdoor wealth tax proposed by Kamala Harris.
P.S. I’ve joked about 100 percent tax rates in America, but let’s hope that never becomes reality.
P.P.S. If you want another real-life warning about socialism, click here. Or here. Or here.
