In a way it almost seems good? It seems like opportunistic capital that takes flight so easily probably wasn't seriously integrated into the local economy anyway.
Rather, what we know is that there are idiots in Norwegian politics who didn't see this coming because they don't understand basic economics, psychology, and second-plus order effects of changes to complex systems.
They tried to pull a magic lever to get more money and ended up with a big loss, which was predictable.
When you go after people's money or stuff, they fucking take evasive action! Literally everyone!
- toddler having their toy taken away by another toddler;
- homeless dude under the bridge having something taken from his tent;
- international billionaire playboy being taxed extra.
Wealthy people enjoy something called mobility. They have options. They can move wealth, as well as themselves, around the globe. Catching the poor is like fishing for eel with oiled hands.
If you're a government and want to squeeze people for money and have them be not able to do anything about it, you have to pick on the struggling working class.
The article is misleading, and well propaganda. The official national statistical institute of Norway tracks wealth tax revenues per year. From 2022 to 2023, revenues moderately increased from around NOK 26 billion to NOK 29 billion.
If we cannot tax the money before it accumulates too high, there is little hope getting it afterwards. But taxing it too early penalise entrepreneurship.
Tax large properties and excessive luxury seems like one of the few methods could work, but it doesn't have the same reach.