| Income tax comparisons will dramatically underestimate the tax burden for Norwegian citizens, but even then I believe you are only quoting the capital gains rate for non-securities investments. Summarizing from a comment I posted elsewhere: * 25% VAT on everything except food, which is 12%. Electric vehicles currently exempt * 40% income tax on average including 8% public pension contribution. Highest marginal tax on income is 47%, which applies to incomes greater than $116k. * Employer has to pay 14% of your salary as employment tax. Company profits are taxed at 24% (this is separate from the capital gains tax). Stock-based compensation is taxed as income, so no possibility of weaseling around the employment tax. You won't get stock-based compensation unless you're in a startup or a C-class executive at a (big) private company. The wealth tax does weird things to the valuation of stock options; they'll almost always be worthless unless your company is sold or goes public. * Net assets above ~$175k are taxed at 0.85% p.a, primary residence contributes only 25% of its market value to net assets * 29% capital gains tax, primary residence is exempt as is most tax income from renting out primary residence. Sell your home with $1 million profit? No tax. * 22% tax on capital gains or "general" incomes that are not linked to securities ownership. Relatively small amounts are collected through this bracket. * On average ~$10k tax on all new motor vehicles, electric vehicles currently exempt * A tax of approximately 30% (~5 NOK per liter) is applied to gasoline, in addition to the 25% VAT. Annual tax of ~$1000 on all motor vehicles, increasing with how good the vehicle is. Electric vehicles currently exempt. * Various taxes on alcohol, tobacco, air travel. Some municipalities have a property tax on the order of ~$500 p.a. for an average residence. I've eyeballed most of the currency conversions. |