In order for any country to prosper, it needs to have a good and abundant population. Members of the population also have to feed into the economy in order to keep the well of resources from running dry.
When this doesn’t happen, the country generally sinks into poverty and other problems very quickly. It also becomes harder to bounce back or turn things around, once they regress to this extent.
One nation that’s learning this lesson the hard way is none other than Norway. Though, as documented by FEE, the problems Norway faces are of its own design.
A Cautionary Tale
When Norway’s Labor Party came into power back in 2021, it determined that taxing the rich was the best way to provide resources and capital for the rest of the nation’s residents.
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+
(sources and calculations ↓)
— Luca Dellanna (@DellAnnaLuca) May 26, 2023
However, this plan backfired big time.
The wealthy and other job creators have since packed their bags and opted to live in countries like Switzerland. Their money will still go far in other nations; plus, they won’t have to hemorrhage resources on a regular basis.
Due to so many well-off individuals saying goodbye to Norway, the nation is losing revenue left and right. This will be the case throughout the foreseeable future as well.
Meanwhile in America
As Norway suffers the consequences for penalizing its job creators, here in the United States, Joe Biden and other Democrats are already pushing for a wealth tax. They haven’t learned from Norway or other countries that already enacted similar policies.
Grifters like Biden don’t worry about wealth tax- their money is laundered thus hidden within shell corps.
— steveabril (@steveabril11) June 23, 2023
At the end of the day, no economy can benefit without job creators and people pouring a significant amount of resources into it. Hence, socialist policies and other reforms that punish innovation, success, and hard work will never bear anything other than failure and destruction.
The problems that Norway faces today should be a lesson to the rest of the world about what not to do.
This article appeared in Watch Dog News and has been published here with permission.
