Norway implemented a new wealth tax recently. It's going as well as you can imagine.

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The recent wealth tax increase in Norway was expected to bring an additional $146M in yearly tax revenue

Instead, an estimated $54B-worth of ultra-rich left the country, leading to a lost $594M in yearly wealth tax revenue

A net decrease of $448M+

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quote:

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The Guardian estimates the wealth of the relocated millionaires at 600B NOK, or $54B. That would have been taxed at 1.1%, which means $594M in wealth tax lost

Norway raised NOK 16.1B = $1.46B in wealth taxes in 2019 (page 3 of the PDF below); increasing the wealth tax from 1% to 1.1% would have increased that amount by 10%, or $146M

The net decrease I cite in the first tweet relates to wealth tax revenue alone and neglects that the millionaires who flew the country would also have paid other taxes and would likely have contributed to the economy directly and indirectly.

Of course, one should also consider whether those people would have left anyway, etc. Still. A cautionary tale.

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